FxWirePro: EUR/NZD rally running out of steam, but bias still bullish
• EUR/NZD strengthened on Tuesday as lack of a new catalyst supported euro’s gains against New Zealand dollar.
• EUR/NZD initially dipped but found buyers at 1.7754, rally lifts the pair above 1.7800. A break and daily close above 1.7863 (50% fib)will accelerate further gains.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 70 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.7863 (50% fib), any close above will push the pair towards 1.7951(Higher BB).
• Strong support is seen at 1.7740 (5DMA) and break below could take the pair towards 1.7580 (61.8% fib )
Recommendation: Good to buy around 1.7734, with stop loss of 1.7550 and target price of 1.7820