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FxWirePro- Woodies Pivot(Major)

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FxWirePro: EUR/NZD steadies above 1.6800, retains bid tone

Monday, May 31, 2021 10:10 PM UTC

• EUR/NZD dipped on Monday as rise in commodity prices boosted the commodity-price sensitive New Zealand dollar.

• EUR/NZD traded near 1.6830 earlier in US session. It has eased from the highs and is currently around 1.6801 at GMT 21:56.

•Technical signals highlight upside bullish trend as daily RSI is at 51, daily momentum studies, 21 30 climb. Bullish trending setup would only be undermined by a close below 1.6730.

• Immediate resistance is located at 1.6819(23.6%fib), any close above will push the pair towards 1.7034(Jan 5th high).

• Strong support is seen at 1.6783 (5DMA ) and break below could take the pair towards 1.6771(38.2% fib )

Recommendation: Good to buy around 1.6785, with stop loss of 1.6700 and target price of 1.7033

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FxWirePro: EUR/NZD steadies above 1.6800, retains bid tone

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