• EUR/NZD initially dipped on Thursday but recovered most of the ground as euro bounced back after ECB rate decision.
• ECB kept borrowing costs at record highs, but took a first, small step towards lowering them, saying inflation was easing faster than it anticipated only a few months ago.
• At GMT 19:52, the pair was trading down 0.23 percent at 1.7730 recovering from daily low (1.7635)
• A rally towards is 1.7800 possible if EUR/NZD bulls overcome resistance at 38.2%fib.
• Immediate resistance is located at 1.7743(38.2%fib ), any close above will push the pair towards 1.7788 (Daily high).
• Strong support is seen at 1.7675 (50%fib) and break below could take the pair towards 1.7603 (61.8%fib).
Recommendation: Good to buy around 1.7720 with stop loss of 1.7630 and target price of 1.7800.
