• EUR/NZD strengthened on Thursday as German inflation data helped lift the pair higher.
• Inflation in Germany eased significantly in March on falling energy prices but was above forecasts, adding pressure on the European Central Bank to further tighten its monetary policy.
• A rally towards is 1.7560 possible if EUR/NZD bulls overcome resistance at 1.7496.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 60 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.7496(23.6% fib ), any close above will push the pair towards 1.7573 (Higher BB).
• Strong support is seen at 1.7389(5DMA) and break below could take the pair towards 1.7334(38.2% fib )
Recommendation: Good to buy around 1.7430 with stop loss of 1.7310 and target price of 1.7550
