• EUR/NZD strengthened on Thursday after the European Central Bank raised interest rates to their highest level in more than two decades.
• The ECB increased the deposit rate by 25 basis points to 3.5%, the highest level in 22 years. This was the central bank's eighth successive raise.
• A rally towards is 1.7700 possible if EUR/NZD bulls overcome resistance at 1.7651 (38.2%fib).
• Technical signals show the pair could gain more ground in the short-term as RSI is at 51 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.7585(9DMA), any close above will push the pair towards 1.7651 (38.2%fib).
• Strong support is seen at 1.7527 (50%fib) and break below could take the pair towards 1.7404 (61.8% fib ).
Recommendation: Good to buy around 1.7560 with stop loss of 1.7470 and target price of 1.7660
