• EUR/NZD traded in tight range as traders awaited Friday's core PCE price index data for further direction.
•Economists polled by Reuters expect the PCE price index to rise 2.6% in July, matching June's rise.
•The figures are expected to provide key insights into consumer spending trends and inflationary pressures, potentially influencing the central bank’s upcoming policy decisions, including interest rate adjustments.
•Market participants are closely watching for any surprises that could shift expectations for future monetary policy.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 60bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 2.0043 (23.6%fib), any close above will push the pair towards 2.0124 (Higher BB).
• Strong support is seen at 1.9828 (Aug 28th low) and break below could take the pair towards 1.7236 (38.2% fib )
Recommendation: Good to buy around 1.9850 with stop loss of 1.9780 and target price of 1.9960
