• EUR/NZD rose higher on Thursday as softer than expected NZ CPI drove weighed on kiwi dollar.
•New Zealand's consumer price index (CPI) rose 1.8% in the first quarter, coming in below analyst forecasts, according to data released by Statistics New Zealand on Thursday.
• The pair is currently approaching resistance at 38.2%fib. A break and daily close above will accelerate further gains towards 1.6200 level.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 54 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.6116 (38.2%fib), any close above will push the pair towards 1.6310 (50%fib).
• Strong support is seen at 1.5871 (23.6%fib) and break below could take the pair towards 1.5671 (Higher BB )
Recommendation: Good to buy around 1.6080 with stop loss of 1.5950 and target price of 1.6180
