• EUR/NZD initially dipped on Wednesday but recovered some ground on optimism that inflation may have peaked in the eurozone region after data showed that French consumer price pressures eased.
• EUR/NZD saw some mild signs of stabilization on Wednesday, having dropped from 1.6883 to nearly 1.6720 over the last few weeks.
• From a technical viewpoint, the moving averages are mixed, while the RSI is trending up at 54.
• Immediate resistance is located at 1.6890(38.2% fib), any close above will push the pair towards 1.6962 ( Jan 3rd high).
• Strong support is seen at 1.6750 (21DMA ) and break below could take the pair towards 1.6714 (38.2% fib ).
Recommendation: Good to buy around 1.6840, with stop loss of 1.6750 and target price of 1.6910
