FxWirePro: EUR/NZD bulls gain momentum heading into the weekend

• EUR/NZD rebounded strongly on Friday as the euro attracted buying interest following an upbeat Eurozone flash PMI .

• A survey showed Eurozone businesses started the new year with modest growth, as steady services activity in January was supported by a slowdown in the prolonged manufacturing downturn.

• HCOB's preliminary composite Eurozone PMI, compiled by S&P Global, increased to 50.2 in January from 49.6 in December, edging above the 50 mark that separates growth from contraction.

 • The technical outlook remains bullish and points to eventual bigger gains, fourteen-day momentum is positive, reinforcing the scope for a bigger gains   

• Immediate resistance is located at 1.8426(23.6%fib), any close above will push the pair towards 1.8492(Higher BB)

• Support is seen at 1.8288(38.2%fib) and break below could take the pair towards 1.8272(Lower BB)

Recommendation: Good to buy around 1.8340 with stop loss of 1.8200 and target price of 1.8490