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FxWirePro: EUR/NZD retains firm tone ,eyes 1.7900 level

• EUR/NZD rose above 1.6600  on Wednesday as soured risk sentiment and  downbeat  China’s GDP kept bearish pressure on kiwi dollar.

• New Zealand dollar was also been adversely affected by the discouraging NZ electronic retail sales data for December.

• The pair  uptrend remains strong and might reach in 1.7900 in upcoming coming sessions.

• Technical signals highlights  upside risk as RSI is at 64 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

• Immediate resistance is located at 1.7820 (Higher BB), any close above will push the pair towards 1.6733(23.6%fib).

• Strong support is seen at 1.7768 (38.2% fib) and break below could take the pair towards 1.7678(50% fib )

Recommendation: Good to buy around 1.7800, with stop loss of 1.7700 and target price of 1.7900

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