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FxWirePro: EUR /NZD sustains gains as uptrend remains strong

• EUR /NZD strengthened on  Monday as lower commodities prices weighed commodity linked kiwi dollar

• Brent crude price plunged by over 5% on Monday after Israel's limited retaliatory strike against Iran did not disrupt energy supplies.

• Copper fell 0.21% as slumping Chinese industrial profits pointed to poor demand prospects..

• Technical signals show the pair could gain more ground in the short-term as RSI is at 55 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

• Immediate resistance is located at 1.8119(23.6% fib), any close above will push the pair towards 1.8185(Higher BB).

• Immediate support is seen at 1.8005 (38.2% fib) and break below could take the pair towards 1.7901 (50% fib).

Recommendation: Good to buy on dips around 1.8070, with stop loss of 1.8010 and target price of 1.8140
 

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