• EUR/NZD rose on Monday as risk aversion in the market pushed the kiwi dollar lower against euro.
• The risk-sensitive kiwi dollar declined against euro, despite the hawkish outlook tabled by the RBNZ last week when it announced it would halt its bond buying stimulus.
•The pair hit daily high at 1.7049 and was last trading at 1.6988 at (GMT 15:16).
• Technical signals show the pair could gain more ground as RSI is at 39 bullish, and 9, 11,21 DMA’s are trending north.
• Immediate resistance is located at 1.7014 (38.2%fib), any close above will push the pair towards 1.7056(Higher BB).
• Immediate support is seen at 1.6963(50%fib) and break below could take the pair towards 1.6901(61.8% fib).
Recommendation: Good to buy round 1.6980, with stop loss of 1.6900 and target price of 1.7040
