• EUR/NZD after initially gaining on Monday the pair retreated as investors digested Eurozone economic figures .
• German industrial orders saw a smaller-than-anticipated increase in November. Meanwhile, a separate report indicated that investor confidence in the eurozone improved for the third consecutive month in January.
• In an up-and-down session, the pair hit high at 1.7620 in early trading then retreated towards 1.7543.
• Technical signals are bullish as RSI is trending up, daily momentum studies 5, 9 DMAs are trending north.
• Immediate resistance is located at 1.7556 (38.2%fib), any close above will push the pair towards 1.9470 (23.6%fib).
• Strong support is seen at 1.7496(50%fib) and break below could take the pair towards 1.7445(61.8%fib)
Recommendation: Good to buy around 1.7540 with stop loss of 1.7400 and target price of 1.7660
