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• EUR/NZD initially dipped on Wednesday but recovered ground as buyers emerged around 1.8238 level.
• A rally towards is possible if EUR/NZD bulls overcome resistance at 23.6%fib.
• From a technical viewpoint, RSI is strongly bullish at 67, daily momentum studies, 5, 10 and 21 daily MAs all climb.
• Immediate resistance is located at 1.8348 (23.6%fib), any close above will push the pair towards 1.8380 (Daily high).
• Immediate support is seen at 1.8300 (5DMA) and break below could take the pair towards 1.8193 (38.2%fib).
Recommendation: Good to buy on dips around 1.8300, with stop loss of 1.8320 0and target price of 1.8390.
