FxWirePro:EUR/NZD consolidating around 1.6940, bias is bullish

• EUR/NZD gained on Monday as stronger than expected Euro zone retail sales supported euro.

•The Eurozone retail sales in the 19 countries sharing the euro rose 3.0% month-on-month in February for a 2.9% year-on-year fall.

• A daily EUR/NZD  close above the 1.6959( 23.6%fib) will further improve the technical outlook, and open the possibility of a rally towards 1.7000.

• Technical favours bullish sentiment, RSI is rising & pair trades above 5 and 9-DMAs. 

• Immediate resistance is located at 1.6959( 23.6%fib), any close above will push the pair towards 1.7023(Higher BB).

• Immediate support is seen at 1.6891(5DMA ) and break below could take the pair towards 1.6871(38.2%fib).

Recommendation: Good to buy around 1.6920, with stop loss of 1.6800 and target price of 1.7000