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FxWirePro :EUR/NZD consolidating around 1.7880, room for further gains

• EUR/NZD strengthened  on Tuesday   as broad based New Zealand dollar selling drove EUR/NZD   sharply higher.

• EUR/NZD has seen a 1.7693-1.7885 range on Tuesday, consolidation likely to continue while market seeks fresh factors.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 55 bullish, daily momentum studies  5, 10 and 21 DMAs are trending  up.

•  Immediate resistance is located at 1.7916 (July 31st high), any close above will push the pair towards 1.7996 (23.6%fib).

• Strong support is seen at 1.7827(21DMA) and break below could take the pair towards 1.7683 (50% fib )

Recommendation: Good to buy around 1.7850  , with stop loss of 1.7760  and target price of 1.7950

 

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