FxWirePro:EUR/NZD recovers from 1.6847, outlook neutral

•EUR/NZD recovered sharply on Monday as the pair elicited support at 1.6847 (23.6%  fib).

•EUR/NZD looked vulnerable at the end of last week and appeared poised for a significant slide lower,instead it has steadied upwards.

•The pair climbs above 1.6900 and holds near the day's high in  late US session. The pairs rebound has topped at 1.6942 (20 DMA).

•Technical signals are mixed as RSI is turing up, daily momentum studies  5, 9 and 10 DMAs are trending flat. 

•The pair has traded a 99 pip range thus far Monday, 1.6942-1.6847. Tight range is like to continue as mixed  signals build.

•Immediate resistance is located at 1.6942 ( 20 DMA), any close above will push the pair towards 1.6972 (50 % fib).

•Support is seen at 1.6916 (38.2%fib ) and break below could take the pair towards 1.6847 (23.6% fib).

Recommendation: Be on side-lines