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FxWirePro :EUR/NZD bulls undeterred, eyes 23.6%fib resistance

• EUR/NZD rose higher on Friday  as broad based New Zealand dollar selling drove EUR/NZD   sharply higher.

• EUR/NZD gains near 23.6%fib,consolidation likely to continue while market seeks fresh factors.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 69 bullish, daily momentum studies  5, 10 and 21 DMAs are trending  up.

•  Immediate resistance is located at 1.7920(23.6%fib% fib), any close above will push the pair towards 1.8000  (Psychological level).

• Strong support is seen at 1.7741(38.2% fib) and break below could take the pair towards 1.7641 (11DMA )

Recommendation: Good to buy around 1.6380  , with stop loss of 1.6300  and target price of 1.6470 

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