• 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
