FxWirePro: EUR/NZD longs hold the higher ground despite soured risk

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FxWirePro: EUR/NZD longs hold the higher ground despite soured risk

Tuesday, June 28, 2022 8:37 PM UTC

• EUR/NZD strengthened on Tuesday as broad New Zealand dollar weakness helped the euro shrug off ECB's dovish remarks.

• European Central Bank (ECB) President Christine Lagarde offered no fresh insight into the central bank's policy outlook

• At GMT 20:20, the pair was trading 0.41% higher at 1.6852, after recovering from daily low at 1.6776.

• Technical signals are bullish as RSI is at 65, daily momentum studies 5,9,21 DMA are trending north.

• Immediate resistance is located at 1.6858 (23.6%fib ), any close above will push the pair towards 1.6933 (Higher BB).

• Strong support is seen at 1.6776 (Daily low) and break below could take the pair towards 1.6687 (Higer BB).

Recommendation: Good to buy on dips around 1.6850 with stop loss of 1.6800 and target price of 1.6920.

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