EUR/NZD looking for a bullish consolidation

EUR/NZD looking for a bullish consolidation

EUR/NZD has been doing a retracement from the highs of May 15th and it’s challenging the Fibonacci area of 65% at 1.7073, where the bulls are trying to push higher to the pair in order to ride the overall structure. It should provide the enough momentum to go for a breakout above 1.7292. If that happens, then the focus will shift to the Fibonacci area of -23.6% at 1.7371. However, if the lows from May 17th give up, then it can plummet towards 1.6955.

RSI indicator stays slightly in the neutral territory.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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