Fxwirepro :eur/nzd rallies to 1-week high, good to buy on dips
Source: FxWire Pro - Technicals / 31 May 2020 10:15:50 America/New_York
• EUR/NZD rose higher on Friday as euro continued to receive warm welcome from market on EU Commission's recovery proposal.
• EUR/NZD bulls have to contend with strong resistance at 1.7879 (38.2% fib). If EUR/NZD longs overcome that level, tests of 1.8069 (50 DMA) resistance is likely.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 51 bullish, daily momentum studies 5, 9 DMAs are turning up.
• Resistance Levels : 1.7906 (9DMA) ,1.7974 (38.2%fib), 1.8069 (50 DMA)
• Support Levels: 1.7861 (9DMA), 1.7812 (Daily low), 1.7700( 100 DMA)
Recommendation: Good to buy on dips around 1.7850, with stop loss of 1.7700 and target price of 1.8100© 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.