• EUR/NZD strengthened on Tuesday as upbeat risk sentiment and pick up in the COVID-19 vaccine rollout in Eurozone supported euro.
• EUR/NZD bulls have to contend with strong resistance at 1.6873 (38.2% fib). If EUR/NZD longs overcome that level, tests of 1.6957(23.6%fib) resistance is likely.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 56 bullish, daily momentum studies 5, 9 DMAs are turning up.
•Resistance Levels :1.6873 (38.2% fib), 1.6957(23.6%fib), 1.7000 (Psychological level)
• Support Levels: 1.6814 (5DMA), 1.6797(50%fib), 1.6759( 9 DMA)
Recommendation: Good to on dips around 1.6850, with stop loss of 1.6770 and target price of 1.6960
