• EUR/NZD rose on Thursday as the pairs bullish allure persisted across the board as investors assessed the latest economic data across the continent.
•Data showed French consumer prices rose in December, as energy and services prices rose over the year. In Germany, CPI inflation rose to 3.7% in December, as expected, from 3.2% a month earlier..
• EUR/NZD rose above 1.6600 level . A break and daily close above 1.6656 (23.6%fib) will accelerate further gains.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 64 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.7581 (38.2%fib), any close above will push the pair towards 1.7724 (50%fib).
• Strong support is seen at 1.7395 (23.6%fib) and break below could take the pair towards 1.7352 (Lowe BB )
Recommendation: Good to buy around 1.7550, with stop loss of 1.7350 and target price of 1.7630
