• EUR/NZD rose on Friday as prospect of weaker global growth, weaker NZ CPI data and COVID-19 lockdowns in China increased selling pressure on kiwi dollar.
• EUR/NZD ‘s rally has held above the 50% fibo at 1.6221, a close above the 1.6377 ( 38.2%fib) hurdle would further brighten the prospects for the pair.
• Technical signals are bullish as RSI is at 60, daily momentum studies 5,9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.6284( Daily high), any close above will push the pair towards 1.6377 ( 38.2%fib).
• Support is seen at 1.6221( 50%fib) and break below could take the pair towards 1.6081 ( 61.8%fib).
Recommendation: Good buy around 1.6250 with stop loss of 1.6150 and target price of 1.6330
