•EUR/NZD initially gained on Friday but rally fizzled as investors turned cautious about the global economic recovery.
•EUR/NZD hits daily high at 1.6914 but reverses course to trade at 1.6574 in late US session.
•Momentum shifts to bulls above 1.7008 ( 38.2%fib) .A close above 1.7099 (23.6%fib)is needed to trigger bigger gains.
• Immediate resistance is located at 1.7008 ( 38.2%fib), any close above will push the pair towards 1.7100 (23.6%fib).
•Support is seen at 1.6951 ( 21DMA) and break below could take the pair towards 1.6929 (50%fib).
Recommendation: Good to buy around 1.6960, with stop loss of 1.6860 and target price of 1.7020.
