• EUR/NZD rose higher on Thursday after the European Central Bank set a new inflation target.
•In addition to the revision of its inflation target, the ECB also incorporate climate change considerations into its monetary policy .
•The pair reaches 1.7090 after extending north from 1.6787 (Daily low). 1.7090 is the highest level since 21st June.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 58 bullish, daily momentum studies 5, 10 and 21 DMAs are trending up.
• Immediate resistance is located at 1.7090 (23.6% fib), any close above will push the pair towards 1.7133 (Higher BB).
• Strong support is seen at 1.7002(38.2% fib) and break below could take the pair towards 1.6929 (50% fib )
Recommendation: Good to buy around 1.7050, with stop loss of 1.6930 and target price of 1.7130
