• 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

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