FxWirePro: EUR/NZD extends gains above major trendline, scope for test of 61.8% Fib at 1.70

• EUR/NZD is extending break above major trendline resistance at 1.6240, further upside likely.
   
• Technical studies are bullish, we see scope for test of 1.70 levels (61.8% Fib retrace of 1.8555 to 1.45348 fall).
   
• Markets cautious ahead of ECB policy decision, Draghi is expected to refrain from EUR jawboning, and to leave the policy settings unchanged.
   
• The statement will be keenly watched and fresh hints on the QE tapering plans would be viewed as a major policy shift towards a hawkish narrative and push the EUR higher.
   
• The single currency is extending gains as we head into ECB policy meet.

Support levels - 1.66, 1.6564 (5-DMA), 1.65, 1.6360 (20-DMA)

Resistance levels - 1.6665 (Sept 1 high), 1.6850 (May 9 high), 1.7020 (61.8% Fib retrace of 1.8555 to 1.45348 fall)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-NZD-consolidates-break-above-major-trendline-resistance-at-16240-good-to-go-long-on-dips-866896) has hit all targets.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 40.294 (Neutral), while Hourly NZD Spot Index was at -77.4831 (Neutral) at 1100 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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