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FxWirePro:EUR/NZD stalls around 1.7055, as range trading beckons

• EUR/NZD  traded in tight range on Monday  as coronavirus-driven panic kept investors cautious.

• Investors looked for signs on whether the Delta variant of the coronavirus could dent global growth.

• The pair is trading around  the 1.6974. If the uncertain coronavirus outlook is unchanged, range trading is viable.

•  Technical signals are neural as RSI has turned flat at 56, momentum studies, 5, 10 & 21 DMAs conflict neutral setup. 

• Immediate resistance is located at 1.7005( 38.2%fib), any close above will push the pair towards 1.7061 (Daily high)

• Support is seen at 1.6929 (50 %fib ) and break below could take the pair towards 1.6886 (50DMA).

Recommendation: Be on sidelines
 

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