• EUR/NZD strengthened after initially falling on Thursday as BoE surprise rate hike and ECB statement drove the pair higher.
• The pair is currently approaching resistance at 38.2%fib. A break and daily close above will accelerate further gains towards 1.6700 level.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 59 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.6722 (38.2%fib), any close above will push the pair towards 1.6835 (23.6%fib).
• Strong support is seen at 1.6626(50%fib) and break below could take the pair towards 1.6529 (61.8% fib )
Recommendation: Good to buy around 1.6650 with stop loss of 1.6625 and target price of 1.6720
