• EUR/NZD strengthened on Monday as the pairs bullish allure persisted as traders raised their bets on where the European Central Bank’s (ECB) main interest rate will peak.
• ECB Officials supported ECB official and Slovakian central bank chief Peter Kazimir said on Monday that a continuation of monetary.
• A daily close above 23.6% fib will further improve the technical outlook, and open the possibility of a rally towards 1.7700 level.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 67 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.7665(23.6% fib), any close above will push the pair towards 1.7743(8th June high).
• Strong support is seen at 1.7568(5DMA) and break below could take the pair towards 1.7534 (38.2% fib )
Recommendation: Good to buy around 1.7600, with stop loss of 1.7500 and target price of 1.7700
