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FxWirePro: EUR/NZD surges after far right victory in French first round elections

• EUR/NZD strengthened on Monday  as investors digested    Sunday's French vote.

• The French far right took a smaller-than-expected lead in the first round of voting, suggesting a hung parliament could result and hamper the party's agenda.

• The pair is currently approaching resistance at 1.5745( 38.2%fib), A clear break above 1.5745 targets eventual test 23.6% fib resistance.

• From a technical viewpoint, RSI  is strongly bullish at 53, daily momentum studies, 5, 10 and 11 daily  MAs are pointing higher.

• Immediate resistance is located at 1.7689 (38.2%fib), any close above will push the pair towards 1.7775(23.6%fib).

• Immediate support is seen at 1.7626(50%fib) and break below could take the pair towards 1.7756 (61.8%fib).

Recommendation: Good to buy on dips around 1.7670, with stop loss of 1.7550  and target price of 1.7730
 

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