FxWirePro: EUR/NZD fall caught by key fibo support, room for further gains

• EUR/NZD recovered some ground on Thursday as euro was supported by better than expected Eurozone purchasing manager's indexes (PMIs).

• EUR/NZD fell as low as 1.6933 before buyers returned and underpinned . EUR/NZD moving higher into the US afternoon .

•Support at 1.6933(38.2%fib) is holding ,bulls will be gunning for 23.6%fib at 1.7027 but need a higher high.

• Technical signals are bullish as RSI is at 53, daily momentum studies  5,9 and 10 DMAs are trending up. 

• Immediate resistance is located at 1.7027 ( 23.6%fib), any close above will push the pair towards 1.7075 (Higher BB).

Strong support is seen at 1.6935 (38.2% fib ) and break below could take the pair towards 1.6852 (50%fib).

Recommendation: Good to buy  around 1.6980, with stop loss of 1.6900 and target price of 1.7060.