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FxWirePro :EUR/NZD grinding higher as frustrated shorts pare back

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

•The pair reaches 1.7559 after extending north from 1.7322 (Daily low). 1.7559 is the highest level since April 14th.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 49 bullish, daily momentum studies  5, 10 and 21 DMAs are trending  up.

•  Immediate resistance is located at 1.7529(5DMA), any close above will push the pair towards 1.7623 (23.6%fib).

• Strong support is seen at 1.7451 (38.2%fib ) and break below could take the pair towards 1.7327 (50% fib )

Recommendation: Good to buy around 1.7520 , with stop loss of 1.7420  and target price of 1.7600

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