• EUR/NZD steadied on Monday as investors digested Eurozone consumer confidence data and awaited release of Flash PMIs in Europe.
• Eurozone consumer confidence rose to -14.9 in the latest reading, up from -15.5 previously, representing a modest 0.6-point improvement. While still in negative territory, the data signals a slight recovery in household sentiment.
• The euro zone’s data calendar this week is relatively light, with highlights including PMIs across Europe, consumer confidence, the ECB’s inflation outlook, and Germany’s Ifo business survey.
• From a technical viewpoint, RSI is bullish at 69, daily momentum studies, 5, 10 and 11 daily MAs are pointing up .
• Immediate resistance is located at 2.0123(38.2%fib), any close above will push the pair towards 2.0199 (Higher BB).
• Immediate support is seen at 2.2000 (Psychological level) and break below could take the pair towards 1.9860(SMA20).
Recommendation: Good to buy around 2.2060 with stop loss of 1.9950 and target price of 2.2120
