FxWirePro: EUR/GBP extends bounce off 200-DMA support, focus on UK Retail Sales and Eurozone Consumer Confidence for impetus
FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(AUDUSD and DXY) for the day
FxWirePro: EUR/NZD pauses downtrend and consolidates
• EUR/NZD decline extended towards 1.5760 on Thursday as dollar selling and higher commodity prices, boosted kiwi dollar.
• Risk-sensitive currencies like kiwi dollar strengtheneed against euro as copper and nickel reached decade peaks, while oil and iron ore extended recent rise.
• The pair dipped but stabilisation above 1.6650,break 38.2%fib above will open the door towards 1.6750 level.
• From a technical viewpoint, RSI is strongly bullish at 54, daily momentum studies, 11,14 and 21 daily Mas climb.
• Immediate resistance is located at 1.6678 (38.2%fib), any close above will push the pair towards 1.6781 (Higher BB).
• Immediate support is seen at 1.6650 (5DMA) and break below could take the pair towards 1.6579(50%fib).
Recommendation: Good to buy on dips around 1.6620, with stop loss of 16576 and target price of 1.6750.