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FxWirePro: EUR/NZD loses momentum but outlook is bullish

• EUR/NZD eased towards  1.7730 on Monday   as EU's economic figures failed to inspire investor confidence.

• The euro   erased Friday’s gains against the kiwi dollar , the pair was last down  at 0.24% at  1.7728 .

• A close above23.6%fib, would add to pair’s bullish  structure, opening the way for 1.7900 level 

• From a technical viewpoint, RSI  is strongly bullish at 52, daily momentum studies, 5, 10 and 11 daily  MAs are pointing higher.

• Immediate resistance is located at 1.7824 (23.6%fib), any close above will push the pair towards 1.7892(Higher BB).

• Immediate support is seen at 1.7730(38.2%fib) and break below could take the pair towards 1.7639(50%fib).

Recommendation: Good to buy  around 1.7710 , with stop loss of 1.7600 and target price of 1.7800
 

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