FxWirePro :EUR/NZD consolidating around 1.6300, bias is bullish
• EUR/NZD rose higher on Wednesday as New Zealand dollar attracted sellers after New Zealand central bank hiked interest rates.
• The Reserve Bank of New Zealand raised rates for the second straight month on Wednesday.
• The is pair heading towards the 1.6350 (50%fib ), as near term direction of the pair is likely to be driven by current price action.
•Technical signals show the pair could gain more ground in the short-term as RSI is at 53 bullish, daily momentum studies 5, 9 DMAs are turning up.
•Immediate resistance is located at 1.6350 (50%fib ), any close above will push the pair towards 1.6490 (61.8% fib).
•Strong support is seen at 1.6225 (38.2%fib) and break below could take the pair towards 1.6133(Daily low).
Recommendation: Good to on dips around 1.6280, with stop loss of 1.6200 and target price of 1.6370