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

• EUR/NZD rose strongly on Monday  as the euro attracted buying interest following an upbeat German business sentiment .

• The Ifo institute said its business climate index increased to 85.1 in January from 84.7 in the previous month.

• The current conditions index rose to 86.1 in January from 85.1 in December, while the expectations index fell slightly to 84.2 from 84.4.

•Looking Ahead the week is busy with interest rate decisions from central banks, particularly the U.S. Federal Reserve and European Central Bank.

•Traders expect a quarter-point rate cut from the ECB and anticipate the Fed will keep rates unchanged.

• Immediate resistance is located at 1.8490(Daily high), any close above will push the pair towards 1.8554(23.6%fib)

• Support is seen at 1.8389(50%fib) and break below could take the pair towards 1.8252(61.8%fib)

Recommendation: Good to buy around 1.8340 with stop loss of 1.8200 and target price of 1.8490