• EUR/NZD initially gained on Friday but it came off its highs as bulls could not sustain upward momentum.
• EUR/NZD fell to 1.7724after hitting daily high at 1.7810. Price is contained between two fibo retrace levels, 1.2114 and 1.2493
• Technical signals are bullish as RSI is at 57, momentum studies, 5, 10 & 21 DMAs are trending up.
• Immediate resistance is located at 1.7810 ( 23.6%fib), any close above will push the pair towards 1.7859(Higher BB)
• Strong support is seen at 1.7650(38.2 %fib ) and break below could take the pair towards 1.7612(5DMA).
Recommendation: Good to buy on dips around 1.7700 with stop loss of 1.7620 and target price of 1.7780 .
