• EUR/NZD strengthened on Tuesday as the pair rebounded on combination of technical and fundamental factors.
• At GMT 17:43, the pair was trading up 0.83 percent at 1.6866 after reaching daily low at 1.6814.
• EUR/NZD bulls confidence is running high, a test of the 23.6%fib highly seems likely.
• From a technical viewpoint, RSI is strongly bullish at 53, daily momentum studies, 5, 10 and 11 daily MAs are pointing higher.
• Immediate resistance is located at 1.6895(Daily high), any close above will push the pair towards 1.6969 (23.6%fib).
• Immediate support is seen at 1.6836 (5DMA) and break below could take the pair towards 1.6774 (38.2%fib).
Recommendation: Good to buy on dips around 1.6860, with stop loss of 1.6780 and target price of 1.6920