• 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
