• EUR/NZD rose higher on Friday as broad based New Zealand dollar selling and upbeat Eurozone economic data drove EUR/NZD higher.
• EUR/NZD bulls have tightened their grip after registering a close above the 1.6775 (38.2%fib). A test of 1.6872 (23.6%) resistance zone cannot be ruled out.
• Technical signals indicate bullish movementum, as RSI is at 51, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.6830 (5DMA), any close above will push the pair towards 1.6872 (23.6%fib).
• Strong support is seen at 1.6772 (38.2% fib) and break below could take the pair towards 1.6691 (50% fib ).
Recommendation: Good to buy around 1.6780, with stop loss of 1.6680 and target price of 1.6900
