Fxwirepro:eur/nzd reclaims 1.8000 handle ,outlook bullish
Source: FxWire Pro - Technicals / 17 May 2020 14:23:38 America/New_York
• EUR/NZD goes positive on day, but 55 DMA (1.8121) halts sharp gains.
• The pair has pierced 23.6% fibo at 1.7962 on Wednesday and closed above it. The pair must close above 55 DMA at 1.8121 to target the 50% fib .
• Any downside correction is likely to be temporary as barrier at 1.7823 (5 DMA) is set to restricting lower move.
• Technical signals show the pair could gain as RSI is at 52 bullish, and 5 and 11 DMA’s are turning up.
• Immediate resistance is located at 1.8121 (55 DMA), any close above will push the pair towards 1.8346 (38.2 fib ).
• Immediate support is seen at 1.7974 (23.6% fib) and break below could take the pair towards 1.7823 (5 DMA).
Recommendation: Good to buy around 1.8000, with stop loss of 1.7810 and target price of 1.8350
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