• EUR/NZD traded in a narrow range on Monday as investors awaited fresh catalyst further movement.
• EUR/NZD fell to 1.7890 after hitting daily high at 1.7743. Price is contained between two fibo retrace levels , 1.9692 and 1.7712
• Technical signals are bullish as RSI is at 54, momentum studies, 5, 10 & 21 DMAs are trending up.
• Immediate resistance is located at 1.7752 ( 38.2%fib), any close above will push the pair towards 1.7859(Higher BB)
• Strong support is seen at 1.7675(38.2 %fib ) and break below could take the pair towards 1.7615(50 %fib).
Recommendation: Good to buy on dips around 1.7700 with stop loss of 1.7620 and target price of 1.7780 .
