• 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
