• EUR/NZD rebounded strongly on Friday as the post-Fed risk-on theme fueled gains.
•The pair rose up 0.64% to 1.6700, having found support around 1.6589(61.8%fib). Pair traded in 1.6582/1.6734 range on Friday.
• The pair is currently approaching resistance at 1.6728 (50%fib). A break and daily close above will accelerate further gains towards 1.6780(38.2%fib) .
• Technical signals are bullish as RSI is at 51, daily momentum studies 5,9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.6728 (50%fib), any close above will push the pair towards 1.6780(38.2%fib).
• Strong support is seen at 1.6666(61.8%fib) and break below could take the pair towards 1.6529 (Lower BB ).
Recommendation: Good to buy around 1.6680 with stop loss of 1.6600 and target price of 1.6780
