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FxWirePro:EUR/NZD drops to intra-day low after shying away from 1.7100

•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.
 

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