• EUR/ NZD steadied around 1.8030 on Wednesday after data showed German business morale improved more than expected in April .
• The Ifo institute said its business climate index rose to 89.4 compared with a reading of 88.8 forecast in a poll. In March, the reading was revised slightly to 87.9.
• A daily close above 1.8068 ( 38.2% fib)will further improve the technical outlook, and open the possibility of a rally towards 1.8100 level.
• Technical signals bullish as RSI is at 56 bullish, simple moving averages 5, 9 and 11 are trending up.
• Immediate resistance is located at 1.8068 ( 38.2% fib), any close above will push the pair towards 1.8139 (April 19th hiigh).
• Immediate support is seen at 1.8017(9SMA) and break below could take the pair towards 1.7966 (50% fib).
Recommendation: Good to buy around 1.8030, with stop loss of 1.7900 and target price of 1.8100
