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© FxWire Pro 2020. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.