EUR/NZD has a lot of potential

EUR/NZD has a lot of potential

2020-02-03 • Updated

Last week EUR/NZD made a triumphant comeback to the upside. The pair rose above the 50- and 100-week MAs in the 1.7000/7025 area. It retraced 50% Fibonacci of the October-December decline (1.7160). This level is currently providing resistance: to resume growth, the euro has to overcome this obstacle. Of that happens, the next target will be at 1.7280 (61.8% Fibo). On the downside, support lies at 1.7095 (200-day MA). The decline below this line will open the way for a correction to 1.7025 (38.2% Fibo).

Trade ideas

BUY 1.7180; TP 1.7280; SL 1.7150

SELL 1.7080; TP 1.7025; SL 1.7100

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