• EUR/NZD rose higher on Monday on as broad based New Zealand dollar selling drove EUR/NZD sharply higher towards.
•The pair reaches 1.6691 after extending north from 1.6565 (early Asia low). 1.6565 is the highest level since 22nd.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 55 bullish, daily momentum studies 5, 10 and 21 DMAs are trending up.
• Immediate resistance is located at 1.6651 (38.2% fib), any close above will push the pair towards 1.6762 (Higher BB).
• Strong support is seen at 1.6614 (5DMA) and break below could take the pair towards 1.6537 (50%fib ).
Recommendation: Good to buy around 1.6640, with stop loss of 1.6540 and target price of 1.6750
