FxWirePro: EUR/NZD uptrend looks tired, but continues to hold
• EUR/NZD steadied on Thursday as investors digested the European Central Bank's December policy meeting minutes. •ECB policymakers expressed confidence in inflation returning to target but identified risks that justifie…
• EUR/NZD steadied on Thursday as investors digested the European Central Bank's December policy meeting minutes.
•ECB policymakers expressed confidence in inflation returning to target but identified risks that justified maintaining a steady policy and keeping borrowing costs high.
• A close above 23.6%fib fib resistance, will likely trigger a new bullish phase with potential for 1.7900.
• Technical signals are bullish as RSI is at 61, daily momentum studies 5,9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.7815(23.6%fib), any close above will push the pair towards 1.7852(Higher BB).
• Strong support is seen at 1.7725 (38.2%fib ) and break below could take the pair towards 1.7657 (50%fib).
Recommendation: Good to buy around 1.7770, with stop loss of 1.7650 and target price of 1.7860.
