• EUR/NZD initially gained on Thursday but gave up after disappointing German retail sales data.
• German Retail sales decreased by 1.9% compared with the previous month in real terms. Analysts polled had predicted a 0.3% increase in February.
•Food retail sales fell by 1.7% in real terms compared to January. Non-food business fell by 1.0%, while internet and mail order sales saw a month-on-month real sales decline of 2.8%.
•EUR/NZD has seen a 1.8093 -1.8014 range on Thursday .The pair was last trading up 0.21 percent at 1.8050
• Technical signals show the pair could gain more ground in the short-term as RSI is at 70 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.8100(Daily high ), any close above will push the pair towards 1.8136 (23.6% fib).
• Strong support is seen at 1.7996(38.2% fib) and break below could take the pair towards 1.7959 (22nd March low )
Recommendation: Good to buy around 1.8030 with stop loss of 1.7900 and target price of 1.8100
