KeytoMarkets

We see upside risk of a short-term bounce in EURNZD-Update

Long
FX:EURNZD   Euro / New Zealand Dollar
Recent pullback enables the cross to gather momentum to trigger a new round of rallies. The pickup of the daily indicators indeed pleads for another test of the resistance at 1.6770. A break of this level would be needed to initiate a strong recovery to 1.6850, 1.6920 its 20MA and 1.7080 levels.Note that a drop below 1.6640 would pause our bullish view. The supports stand at 1.6640, 1.6550 and 1.6500.
Our earlier forecast http://www.keytomarkets.com/blog/blog/ktm-fx-daily-focus-on-eurnzd-we-see-upside-risk-of-a-short-term-bounce/