FxWirePro: EUR/NZD runs out of steam but maintains bullish outlook
• EUR/NZD retraced towards 1.6900 on Monday as investors were cautious on Russia-Ukraine tensions.
• EUR/NZD initially dipped but found buyers at 1.6900. A break and daily close above 1.6949 (23.6%fib), will accelerate further gains.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 66 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.6949 (23.6%fib), any close above will push the pair towards 1.6989 (Daily high).
• Strong support is seen at 1.6876 (38.2%fib) and break below could take the pair towards 1.6817 (50% fib).
Recommendation: Good to buy around 1.6870, with stop loss of 1.6800 and target price of 1.6960