• EUR/NZD rose above 1.8000 level as New Zealand dollar slumped on Wednesday after the country's central bank cut interest rates by 50 basis points.
• The Reserve Bank of New Zealand's move was accompanied by clear dovish messaging suggesting more rate reductions were on the cards in the coming months.
• The pair was trading at 1.8034 at the time of writing ,highest since August 23rd .
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• Technical signals show the pair could gain more ground in the short-term as RSI is up by 56, daily momentum studies 5, 9,11 are trending north.
• Immediate resistance is located at 1.8019 (38.2%fib), any close above will push the pair towards 1.8114(Higher BB).
• Immediate support is seen at 1.7888 (50%fib) and break below could take the pair towards 1.7768(61.8%fib).
Recommendation: Good buy around 1.8010, with stop loss of 1.7920, and target price of 1.8100
