• EUR/NZD strengthened on Wednesday as euro attracted buyers ahead Of ECB Meeting.
•Euro zone inflation came in at 7.5% in March, with a peak still seen months away , thus investors will scrutinize Thursday's ECB meeting for hints of more deliberate policy normalization policy.
• The pair is currently approaching resistance at 1.6095 (50%fib). A break and daily close above will accelerate further gains towards 1.6200 level.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 51 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.6095 (50%fib), any close above will push the pair towards 1.6140(Higher BB).
• Strong support is seen at 1.5911(38.2%fib) and break below could take the pair towards 1.5697(23.6% fib )
Recommendation: Good to buy around 1.6000 with stop loss of 1.5800 and target price of 1.6140
