• EUR/NZD retreated from daily high on Friday as Indecision gripped as market seeked fresh factors for further direction.
• EUR/NZD traded as high as 1.8196. before retreating slightly to trade at 1.8176.
• A rally towards 1.8300 level is possible should EUR/NZD bulls overcome resistance at 1.8212.
• Technical signals are bullish as RSI is at 60, daily momentum studies 5, 9 and 14 DMAs are trending north.
• Immediate resistance is located at 1.8212 (38.2% fib), any close above will push the pair towards 1.8265 (Oct 26th high).
• Strong support is seen at 1.8096 (50% fib) and break below could take the pair towards 1.8057 (Oct 25th low).
Recommendation: Good to buy around 1.8150, with stop loss of 1.8050 and target price of 1.8250
