• EUR/NZD strengthened on Monday as receding worries over the global banking system and upbeat German business morale data boosted euro .
• German business morale unexpectedly rose in March, business climate index jumped to 93.3 from a reading of 91.1 in February.
• A rally towards is 1.7500 possible if EUR/NZD bulls overcome resistance at 1.7105 (23.6%fib).
• Technical signals show the pair could gain more ground in the short-term as RSI is at 58 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.7461(23.6%fib), any close above will push the pair towards 1.7501 (Higher BB).
• Strong support is seen at 1.7390(5DMA) and break below could take the pair towards 1.7331 (38.2% fib )
Recommendation: Good to buy around 1.7410 with stop loss of 1.7310 and target price of 1.7500
