• EUR/NZD strengthened on Thursday as euro benefited after European Central Bank (ECB) downplayed the possibility of rate cuts.
•The ECB that borrowing costs will continue at record highs despite reduced inflation projections on Thursday.
•EUR/NZD has seen a 1.7464 -1.7736 range .Today's bounce away from short-term support may be beginning of bull sign.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 58 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.7759(20DMA), any close above will push the pair towards 1.7795 (50% fib).
• Strong support is seen at 1.7650(38.2% fib) and break below could take the pair towards 1.7469 (23.6% fib ).
Recommendation: Good to buy around 1.7700 with stop loss of 1.7600 and target price of 1.7780
