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FxWirePro :EUR/NZD extends gains, faces 23.6% fib resistance

• EUR/NZD rose higher on Wednesday as weaker New Zealand dollar diverging inflation trends between the U.S. and euro zone boost demand for euro.

• EUR/NZD lifts further above 1.6932 (38.2% fib). A close above  1.7000 psychological level cannot  be ruled out.

• Technical signals indicate bullish movementum, as RSI is at 58, daily momentum studies  5, 9 and 11 DMAs are trending  up.

• Immediate resistance is located at 1.6988 (23.6% fib), any close above will push the pair towards 1.7030 (24th May).

• Strong support is seen at 1.6932 (38.2% fib) and break below could take the pair towards 1.6911 (5DMA )

Recommendation: Good to buy around 1.6950, with stop loss of 1.6900 band target price of 1.7050

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