• EUR/NZD rose higher on Thursday as investor optimism for a global economic recovery lifted the pair.
. • EUR/NZD hit daily high at 1.6765, before retreating slightly. It was last trading at 1.6775 at 17:35 GMT.
•50%fib at 1.6803 is proving tough resistance,a break above targets the 38.2% fib at 1.6887
• Technical signals show the pair could gain more ground in the short-term as RSI is bullish, daily momentum studies 5 and 9 DMAs are trending up.
• Strong support is seen at 1.6740 (61.8%fib ) and break below could take the pair towards 1.6700(Psychological level).
Recommendation: Good to buy around 1.6770, with stop loss of 1.6650 and target price of 1.6850
