• EUR/NZD is struggled to make bullish headway on Monday as traders are braced for a holiday-shortened week.
• EUR/NZD fell to 1.8396 after hitting daily high at 1.8498. Price is contained between two fibo retrace levels, 1.8510 and 1.8368
• Technical signals are bullish as RSI is at 69, momentum studies, 11, 14 & 21 DMAs are trending up.
• Immediate resistance is located at 1.8510 ( 23.6%fib), any close above will push the pair towards 1.8590(Higher BB)
• Strong support is seen at 1.8356 (38.2 %fib ) and break below could take the pair towards 1.8256(23.6 %fib).
Recommendation: Good to buy on dips around 1.8350 with stop loss of 1.8300 and target price of 1.8515.
