• EUR/NZD edged higher but gains were limited as investors awaited as markets digest recent trade developments and await a slew of high-impact economic data..
• U.S. President Donald Trump and Chinese President Xi Jinping reached an agreement last week to prevent further escalation of their ongoing trade dispute.
• Under the new accord, Trump reduced tariffs by 10 percentage points while China pledged to relax rare earth curbs and increase U.S. soybean imports.
• The move signaled a temporary truce between the world’s two largest economies, easing global market tensions and raising hopes for renewed negotiations aimed at resolving key issues such as tariffs, technology transfers, and intellectual property rights.
• Euro zone manufacturing activity stagnated in October .The final HCOB Eurozone Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, registered 50.0 in October
• Immediate resistance is located at 2.0342 (23.6%fib), any close above will push the pair towards 2.0433 (Higher BB).
• Immediate support is seen at 2.0154 (SMA 20) and break below could take the pair towards 2.0022 (38.2%fib).
Recommendation: Good to buy on dips around 2.0180 with stop loss of 2.0100 and target price of 2.0300
