• Fxwirepro :eur/nzd runs out of steam but maintains bullish outlook

    Source: FxWire Pro - Technicals / 14 Jun 2020 14:19:27   America/New_York

    • EUR/NZD gained on Friday as risk-sensitive currencies like New Zealand dollar gave up more ground on growing doubts over a quick recovery from the coronavirus pandemic.

     • The pair pierces 1.7571 (38.2% fib) then pulls back slightly, A daily close above 38.2% fib will take pair towards 1.7800 level.

    • Technical signals show the pair could gain more ground in the short-term as lower bolling band is turning up, daily momentum studies  5 and  9  DMAs are trending  up.

    • On the upside, Immediate resistance is located at 1.7571 (38.2% fib), any close above will push the pair towards 1.7705 (21 DMA).

    • On the downside, strong support is seen at 1.7410(5 DMA) and break below could take the pair towards 1.7202( 23.6% fib )

    Recommendation: Good to buy around 1.7480, with stop loss of 1.7200 and target price of 1.7600

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