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FxWirePro:EUR/NZD stuck in range but maintains bullish bias

• EUR/NZD gave up early gains on Wednesday as concerns over spread of Delta variant and impact on Eurozone growth capped gains.

• EUR/NZD hits resistance at 1.7044, before retreating  slightly to  trade at 1.696 by 17:23 GMT. 

• Price is capped by   resistance at 1.7044, setback from todays high has been limited by 1.6961 (38.2% fib) support.

• Technical signals  favours  bullish sentiment, RSI is at 54 and pair trades above 5,9  & 30 DMAs.

• Immediate resistance is located at 1.7044 (23.6%fib), any close above will push the pair towards 1.7079(Higher BB).

• Immediate support is seen at 1.6961 (38.2% fib) and break below could take the pair towards 1.6921 (30DMA).

Recommendation: Good to buy  around 1.6970, with stop loss of 1.6900 and target price of 1.7050

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