FxWirePro: EUR/NZD rallies to 2-week high, good to buy on dips

• EUR/NZD rose higher on Wednesday  as the kiwi dollar  attracted sellers after NZ data showed signs of loosening in the tight labour market.

•Official data showed New Zealand's jobless rate edged up to 3.4% last quarter. The Reserve Bank of New Zealand had forecast the unemployment rate at 3.2%.

• EUR/NZD  found buyers at 1.6846 rally lifts the pair towards 1.6980. A break and daily close above 38.2% fib will accelerate further gains towards 1.7050 level.

• 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 1.6978(38.2% fib), any close above will push the pair towards 1.7021(Higher BB).

• Strong support is seen at 1.6869 (50% fib) and break below could take the pair towards 1.6817(5DMA )

Recommendation: Good to buy around 1.6960, with stop loss of 1.6870 and target price of 1.7050