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FxWirePro:EUR/NZD hits one-week high, bias is bullish

Thursday, June 11, 2020 7:40 PM UTC

• EUR/NZD rose higher on Thursday as profit taking on shorts and grim Fed economic outlook lifted the pair.

• EUR/NZD registered daily rise above the 1.7569 (38.2 % fib ), reinforcing the underlying bullish trend

• Technical lean bullish, RSI is turning sharply higher. While, 21 day Bollinger bands indicating an extremely overbought market.

• Immediate resistance is located at 1.7722(21 DMA), any close above will push the pair towards 1.7859 (50% fib).

• Immediate support is seen at 1.7569 (38.2 % fib ) and break below could take the pair towards 1.7469 (9 DMA).

Recommendation: Good to buy around 1.7580, with stop loss of 1.7400 and target price of 1.7660

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FxWirePro:EUR/NZD hits one-week high, bias is bullish

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