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FxWirePro:EUR/NZD loses momentum but bullish setup remains

• EUR/NZD initially gained but gave up ground  as caution prevailed ahead of key inflation data from the euro zone.

• February flash inflation data for France and Germany is due on Thursday, and for the euro zone as a whole on Friday.

• Pair traded in 1.7563/1.7626 range and was last trading at 1.7593 in  the US afternoon.

• Technical signals show the pair could gain more ground as RSI is at 51 with 5, 10 and 21-day MAs in bullish alignment.

• Immediate resistance is located at 1.7626(38.2% fib), any close above will push the pair towards 1.77051(Feb 16th high ).

• Immediate support is seen at 1.7563 (50% fib) and break below could take the pair towards 1.7501(61.8% fib).

Recommendation: Good to buy around 1.7580, with stop loss of 1.7600 and target price of 1.7660

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