• EUR/NZD strengthened on Monday as prospects of rate hikes by ECB boosted euro against kiwi dollar .
• Chief Economist Philip Lane indicated more rate hikes from the ECB in coming months even amid signs of easing price pressures.
• EUR/NZD is now on course to register close above the 1.7266 (23.6% fib), break above will likely see a much bigger rise.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 61 bullish, daily momentum studies 5, 10 and 21 DMAs are trending up.
• Immediate resistance is located at 1.7266 (23.6% fib),any close above will push the pair towards 1.7295(Higher BB ).
• Immediate support is seen at 1.7103 (9DMA) and break below could take the pair towards 1.7000 (Psychological level )
Recommendation: Good to buy 1.7210, with stop loss of 1.7150 and target price of 1.7300
