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FxWirePro: EUR/NZD uptrend stalled, need to hold above key tech level to advance

• EUR/NZD eased on  Friday as  worries over China's economy hit investors sentiment.

• The euro zone economy, which is dependent upon China, and the euro currency are likely to remain vulnerable unless China implements concrete plans to fuel economic growth. 

• Pair traded in   1.8375/1.8304  range and was last trading at 1.8338 into the US afternoon.

• Technical signals are bullish as RSI is at 68, daily momentum studies  5,9 and 10 DMAs are trending up.

•  Immediate resistance is located at 1.8403( 23.6%fib), any close above will push the pair towards 1.8450 (Higher BB)

• Strong  support is seen at 1.8317 (5DMA ) and break below could take the pair towards 1.8266 (38.2%fib).

Recommendation: Good to buy  around 1.8310, with stop loss of 1.8200 and target price of 1.8400.

 

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