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FxWirePro- Woodies Pivot(Major)

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FxWirePro:EUR/NZD rallies to 3-week high, good to buy on dips

Monday, December 20, 2021 11:37 PM UTC

• EUR/NZD rose higher on Monday as Omicron uncertainty and growth concerns weighed on riskier currency line kiwi dollar.

• A slump in oil prices also hurt commodity-linked currencies. The New Zealand fell, with the euro up around 0.08% versus the New Zealand dollar.

• EUR/NZD climbs above 1.6800 and holds near the day's high late US session. The pair hit daily high at 1.6830.

• Technical signals are bullish as RSI is at 67, daily momentum studies 5, 9 and 10 DMAs are trending up.

• Immediate resistance is located at 1.6851 ( 23.6%fib), any close above will push the pair towards 1.6867 (Higher BB)

• Support is seen at 1.6732 (38.2%fib ) and break below could take the pair towards 1.6708 (5DMA).

Recommendation: Good to buy around 1.6780, with stop loss of 1.6700 and target price of 1.6900

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FxWirePro:EUR/NZD rallies to 3-week high, good to buy on dips

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