• EUR/NZD strengthened on Tuesday as pick-up in the pace of vaccination rollouts in Eurozone and upbeat Eurozone economic data boosted euro against weaker Kiwi dollar.
•Euro was also boosted by german retail sales posting an unexpected surge in March as the relaxation of some lockdown measures stimulated purchases.
• The pair is currently approaching resistance at 1.6885 (38.2%fib). A break and daily close above will accelerate further gains towards 1.6950 level.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 55 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.6885 (38.2%fib), any close above will push the pair towards 1.6952 (Higher BB).
• Strong support is seen at 1.6807(50%fib) and break below could take the pair towards 1.6735 (61.8% fib )
Recommendation: Good to buy around 1.6835 with stop loss of 1.6760 and target price of 1.6900
