EURNZD Looks for Fibonacci Support

The euro is struggling to keep its balance between upbeat PMI and new lockdowns.

The pair has been trying to rebound from last March’s bottom near 1.6330. After establishing a base around 1.65 the price action has surged with solid momentum.

The current retracement is testing the 50% Fibonacci level (1.6730). A deeper correction would test the 61.8% level.

1.6890 is a critical resistance on the upside, and if buyers succeed in clearing the way the euro could extend the rally above the psychological level of 1.7.