• EUR/NZD rose slightly on Monday as the pair consolidated the previous session's losses, but gains were limited as markets were cautious ahead this weeks FOMC meeting.
•EUR/NZD reaches 1.6973 after pushing its recovery,after hiting daily low at in previous session at 1.6928.
• Technical signals indicate bullish movementum, as RSI is at 58, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.6989 (38.2%fib), any close above will push the pair towards 1.7044 (Higher BB).
• Strong support is seen at 1.6924(50% fib) and break below could take the pair towards 1.6897 (11DMA ).
Recommendation: Good to buy around 1.6960, with stop loss of 1.6890 and target price of 1.7040
