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FxWirePro: EUR/NZD uptrend looks tired, but continues to hold

• EUR/NZD strengthened on Tuesday as weaker kiwi dollar benefited bulls,  but gains were capped ahead of Wednesday's U.S. CPI report

• The is pair heading towards the 23.6%fib, as near term direction of the pair is likely to be driven by current price action. 

• Pair traded in   1.6678/1.6799  range and was last trading at 1.6742 into the US afternoon.

• Technical signals are bullish as RSI is at 71, daily momentum studies  5,9 and 10 DMAs are trending up.

•  Immediate resistance is located at 1.6787( Daily high), any close above will push the pair towards 1.6846(23.6%fib)

• Strong  support is seen at 1.6652 (38.2%fib ) and break below could take the pair towards 1.6603  (5DMA).

Recommendation: Good to buy  around 1.6700, with stop loss of 1.6600 and target price of 1.6830.

 

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