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FxWirePro :EUR/NZD bullish outlook with scope to target 1.6400

• EUR/NZD rose higher on Tuesday   as euro was lifted on expectation ECB will hike 75bps next week.

• The pair  picked up  upside  momentum and is approaching 1.6358 (38.2% fib), an eventual break above will accelerate further upside.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 56 bullish, daily momentum studies  5, 10 and 21 DMAs are trending  up. 

• Immediate resistance is located at 1.6358 (38.2% fib), any close above will push the pair towards 1.6421 (Higher BB).

• Strong support is seen at 1.6221 (50% fib) and break below could take the pair towards 1.6141 (21DMA ).

Recommendation: Good to buy around 1.6320, with stop loss of 1.6250  and target price of 1.6400
 

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