FxWirePro: EUR/NZD recovers from early dip, upside pressure builds

• EUR/NZD initially dipped but recovered ground  as investors digested   minutes from the most recent Federal Reserve meeting.

• Federal Reserve meeting minutes from last month’s policy meeting noted some officials believe it’s time for the central bank to get ​ready for bond market stress..

• The minutes revealed a split among policymakers over last month’s rate increase. Some saw the hike as necessary to contain energy-related and other price shocks, while more hawkish members considered it essential to guard against signs of demand-led inflation..

• Several Fed officials have voiced support for further rate hikes in recent comments, though John Williams, president of the New York Fed, and Vice Chair Philip Jefferson advocated waiting before raising rates again.

• Immediate resistance is located at 2.0045(38.2%fib), any close above will push the pair towards 2.0161(Higher BB).

• Immediate support is seen at 1.9942(Lower BB) and break below could take the pair towards 1.9874(50%fib).

Recommendation: Good to buy around 2.0000 with stop loss of 1.9930  and target price of 2.0100