FxWirePro:EUR/NZD rebounds, critical resistance lies ahead

• EUR/NZD rose higher on Wednesday  as broad based New Zealand dollar selling drove EUR/NZD  higher.

• EUR/ NZD gains near 38.2%fib,consolidation likely to continue while market seeks fresh factors..

•   Technicals are favouring bullish sentiment as RSI is at 57 and the pair is trading below 11 & 21-DMAs.

•  Immediate resistance is located at 1.7741 (38.2%fib), any close above will push the pair towards 1.7830 (May 31st high).

• Strong support is seen at 1.7668 (5DMA) and break below could take the pair towards 1.7563 (50% fib )

Recommendation: Good to buy around 1.7720, with stop loss of 1.7580 and target price of 1.7780