• EUR/NZD rose on Friday as kiwi dollar continued to slip lower after NZ manufacturing PMI declined for 12th straight month.
• A survey released on Friday revealed that New Zealand's industrial activity continued to decline for the twelfth consecutive month.
• A rally towards is 1.8000 possible if EUR/NZD bulls overcome resistance at 23.6%fib.
• From a technical viewpoint, RSI is strongly bullish at 57, daily momentum studies, 5, 10 and 21 daily MAs all climb.
• Immediate resistance is located at 1.7923(23.6%fib), any close above will push the pair towards 1.7990 (Higher BB).
• Immediate support is seen at 1.7807 (38.2% fib) and break below could take the pair towards 1.7709(50% fib).
Recommendation: Good to buy on dips around 1.7860, with stop loss of 1.7750 and target price of 1.7930.
