FxWirePro: EUR/NZD rebounds, critical resistance lies ahead

• EUR/NZD rose  on Friday as commodity-linked currencies like kiwi dollar slumped after Russian President Vladimir Putin said there had been some progress in talks between Moscow and Ukraine .

•On the data front, the annual inflation rate in the Euro area rose to a fresh record high of 7.5% in April of 2022 from 7.4% in March, data from Eurostat showed.

• Pair has risen back above 38.2%fib at 1.6277.Consolidation towards 1.6480 is likely  .
• Technical signals indicate bullish movementum, as RSI is at 61, daily momentum studies  5, 9 and 11 DMAs are trending  up. 

• Immediate resistance is located at 1.6359 (Higher BB), any close above will push the pair towards 1.6491 (23.6%fib).

• Strong support is seen at 1.6277 (38.2%fib) and break below could take the pair towards 1.6203 (5DMA ).

Recommendation: Good to buy around 1.6300, with stop loss of 1.6230 and target price of 1.6400