The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus.
EUR/NZD has a chance to get higher
Information is not investment advice
This month EUR/NZD broke the downtrend resistance line which had been in place since the start of January. The pair also got above the 38.2% Fibonacci retracement of the January-March decline. This level at 1.6635 is now acting as support together with the 100-day MA at 1.6658. Resistance lies at the 50% Fibo at 1.6740. The advance above this level will bring EUR/NZD to 1.6850 and potentially to 1.7000.
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