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FxWirePro: EUR/NZD gains on hawkish ECB statement, eyes 1.6700 level

• EUR/NZD strengthened   on Tuesday as hawkish comments from ECB supported  euro against kiwi dollar.

• EUR/NZD advanced  towards 1.5000 after ECB official Klaas Knot said the central bank shouldn't rule out a 50 basis point rate hike in July.

• The pair is currently approaching resistance at 23.6%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 61 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

• Immediate resistance is located at 1.6645 (23.6%fib), any close above will push the pair towards 1.6692(May 16th high).

• Strong support is seen at 1.6511 (14DMA) and break below could take the pair towards 1.6440 (38.2%fib)

Recommendation: Good to buy around 1.6560 with stop loss of 1.6480 and target price of 1.6700

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