After placing the significant trough of 1.3865, the EURNZD pair has been able to recover strongly, achieving consecutive daily closings above SMA20 as seen on the provided daily graph.
The lower line of Bollinger bands has offered a good support for the EURNZD pair, assisting traders to send prices higher since April22.
RSI14 drew a positive divergence and it is currently stabilizing above the value of 50.00, reinforcing the constructive bullish outlook.
Eyes are now on 1.4390- high recorded on April24- and a break of which will be a very positive technical catalyst.
The initial resistance zones of 1.4550 represents the technical objective of the recent recovery with lack of resistances above 1.4390.