EUR/NZD towards the 1.6115 area in the short-term

EUR/NZD towards the 1.6115 area in the short-term

EUR/NZD has been consolidating above the 200 SMA, gaining momentum across the board and looks forward to duplicating a cycle started from the last week of June, until the second week of July. According to our Fibonacci projections, the pair needs to rally towards the resistance level of 1.6114, at which is located the 100% Fibonacci expansion level.

On that area, EUR/NZD can start to consolidate gains and later it can retrace to test the support level of 1.5874. RSI indicator continues to favor the bullish side in the pair.




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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