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FxWirePro :EUR/NZD grinding higher as frustrated shorts pare back

• EUR/NZD rose higher on Thursday   as broad based New Zealand dollar selling drove EUR/NZD   sharply higher.

•The pair reaches 1.6400 after extending north from 1.6117 (early Asia low). 1.6400 is the highest level since March 3rd.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 61 bullish, daily momentum studies  5, 10 and 21 DMAs are trending  up.

•  Immediate resistance is located at 1.6435 (23.6%fib% fib), any close above will push the pair towards 1.6470 (Higher BB).

• Strong support is seen at 1.6335 (5DMA) and break below could take the pair towards 1.6247 (38.2% fib )

Recommendation: Good to buy around 1.6380  , with stop loss of 1.6300  and target price of 1.6470 

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