EUR/NZD - Posted a New 14-Month High and Climbed More Than 5% Since July - 08/25/2017 (GMT)

The euro edged sharply higher versus the New Zealand dollar and surged more than 5% since July. The EUR/NZD pair is completing the second bullish month in a row, while it recorded a fresh 14-month high at 1.6400 during yesterday’s trading session. The upward tendency began last February following the bounce off the 1.4535 support handle. If the price continues rising, it will hit the 50.0% Fibonacci retracement level of the last downward movement in the medium-term chart, with high at 1.8680 and low at 1.4535. The latter level holds near the 1.6600 strong psychological level.

Technically, on the daily chart, the 50-SMA created a bullish crossover with the 100-SMA, which indicates further soaring. The MACD oscillator climbed above its trigger line within the positive path and the RSI indicator is trading near its overbought zone.