• EUR/NZD strengthened on Friday as positive German trade surplus data supported euro against kiwi dollar.
• German trade surplus rises to EUR 16.7 billion in January. Largest trade surplus since July 2021
• EUR/NZD is now on course to register a close above 1.7122 (23.6%fib)level, chart points to bigger gains towards 1.7200.
• From a technical viewpoint, RSI is strongly bullish at 55, daily momentum studies, 5, 10 and 21 daily MAs all climb.
• Immediate resistance is located at 1.7122 (23.6%fib), any close above will push the pair towards 1.7179 (Higher BB).
• Immediate support is seen at 1.7006(38.2% fib) and break below could take the pair towards 1.6955 (30DMA).
Recommendation: Good to buy on dips around 1.7060, with stop loss of 1.6900 and target price of 1.7160
