• EUR/NZD strengthened on Monday as investors assessed the prospects of rate hike by European Central Bank.
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• On the economic data front, survey-based gauges of the economy for the euro zone, Germany, the UK and the United States are due this week.
• The pair currently is approaching resistance at 38.2%fib. A break above would unmask 1.7850 level in the short term.
• Immediate resistance is located at 1.7793(38.2%fib), any close above will push the pair towards 1.7871 (23.6%fib).
Immediate support is seen at 1.7721 (50%fib) and break below could take the pair towards 1.7652(61.8%fib).
Recommendation: Good to buy on dips around 1.7770 with stop loss of 1.7650 and target price of 1.7850
