Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/NZD beginning to trend higher but hurdle ahead

• EUR/NZD strengthened on Wednesday as the pair   recovered  from early dip as geopolitical concerns eased.

• The euro  erased Tuesday's losses against the kiwi dollar , the pair was last up  at 0.66% at  1.6909  .

• EUR/NZD bulls   confidence is running high, a test of the 38.2%fib highly seems likely.

• From a technical viewpoint, RSI  is strongly bullish at 51, daily momentum studies, 5, 10 and 11 daily  MAs are pointing higher.

• Immediate resistance is located at 1.6940 (Daily high), any close above will push the pair towards 1.7038(23.6%fib).

• Immediate support is seen at 1.6758 (38.2%fib) and break below could take the pair towards 1.6676 (Lower BB).

Recommendation: Good to buy on dips around 1.6900, with stop loss of 1.6790 and target price of 1.6980

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.