• EUR/NZD recovered after initially falling on Tuesday as investors absorbed the latest news on the Russia-Ukraine standoff.
• The pair is currently approaching resistance at 23.6%fib. A break and daily close above will accelerate further gains towards 1.7300 level.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 58 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.7165 (23.6%fib), any close above will push the pair towards 1.7290(Higher BB).
• Strong support is seen at 1.7014 (5DMA) and break below could take the pair towards 1.6957 (38.2% fib ).
Recommendation: Good to buy around 1.7030 with stop loss of 1.6930 and target price of 1.7200
