• EUR/NZD strengthened on Friday as euro benefited from strongly weaker New Zealand dollar.
•Survey showed German business morale improved more than expected in October, offering hope for some respite towards the year-end. Traders now brace for third-quarter gross domestic product data due next week.
•EUR/NZD has seen a 1.7991 -1.8070 range on Friday . Scope is growing for much bigger gains towards key resistence.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 58 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.8075 (23.6%fib), any close above will push the pair towards 1.8136 (Higher BB).
• Strong support is seen at 1.7963(38.2%fib) and break below could take the pair towards 1.7865 (50% fib ).
Recommendation: Good to buy around 1.8030 with stop loss of 1.7930 and target price of 1.8100
