• EUR/NZD initially dipped on Tuesday but recovered ground as buying demand continued near 1.7390 level.
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• EUR/NZD gains near 1.7460(11DMA),consolidation likely to continue while market seeks fresh factors.
• Technicals highlight upside risks. The 5- and 9 -day moving averages lend support, daily RSI is rising.
• Immediate resistance is located at 1.7460(11DMA), any close above will push the pair towards 1.7498(23.6% fib).
• Strong support is seen at 1.7385 (38.2% fib) and break below could take the pair towards 1.7288 (50% fib )
Recommendation: Good to buy around 1.7430, with stop loss of 1.7330 and target price of1.7500
