- EUR/NZD is trading with a bullish bias, we see scope for further upside.
- The pair has held strong trendline support at 1.5235 and edged higher to break above 20-DMA on Tuesday's trade.
- Momentum studies are bullish, RSI and Stochs are biased higher and MACD is showing a bullish crossover on signal line.
- Cloud is offering stiff resistance at 1.5666, break above will see further upside.
Support levels - 1.5626 (May 10 low), 1.5483 (23.6% Fib of 1.85555 to 1.45348 fall), 1.5460 (5-DMA), 1.5409 (100-DMA)
Resistance levels - 1.5666 (cloud base), 1.5930 (June 1 high), 1.6070 (38.2% Fib)
Recommendation: Good to go long on break above cloud base, SL: 1.5480, TP: 1.5810/ 1.5930/ 1.6070
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 128.216 (Bullish), while Hourly NZD Spot Index was at -159.902 (Bearish) at 1030 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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