• EUR/NZD strengthen on Thursday as euro was supported after European Central Bank said it would moderately slow its PEPP pandemic emergency bond buying during the fourth quarter.
•ECB’s decision was in line with expectations of a slight slowdown from the current 80 billion euros per month of bond purchases.
•EUR/NZD gains above 1.6650 level. A test of 1.6738 (38.2% fib) resistance zone cannot be ruled out.
• Immediate resistance is located at 1.6661 (38.2% fib), any close above will push the pair towards 1.6694 (9DMA).
• Strong support is seen at 1.6572 (23.6% fib) and break below could take the pair towards 1.6504(Lower BB )
Recommendation: Good to buy around 1.6615, with stop loss of 1.6500 and target price of 1.6700
