• EUR/NZD strengthened on Thursday as the pair reversed directions after Wednesday's shock U.S. inflation data.
• The pair is currently approaching resistance at 1.6336. A break and daily close above will accelerate further gains towards 1.6400 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 1.6336 (50%fib), any close above will push the pair towards 1.6424 (61.8%fib).
• Strong support is seen at 1.6240 (38.2%fib) and break below could take the pair towards 1.6213 (14DMA ).
Recommendation: Good to buy around 1.6300 with stop loss of 1.6200 and target price of 1.6400
