• EUR/NZD rose above 1.6600 on Wednesday as soured risk sentiment and downbeat China’s GDP kept bearish pressure on kiwi dollar.
• New Zealand dollar was also been adversely affected by the discouraging NZ electronic retail sales data for December.
• The pair uptrend remains strong and might reach in 1.7900 in upcoming coming sessions.
• Technical signals highlights upside risk as RSI is at 64 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.7820 (Higher BB), any close above will push the pair towards 1.6733(23.6%fib).
• Strong support is seen at 1.7768 (38.2% fib) and break below could take the pair towards 1.7678(50% fib )
Recommendation: Good to buy around 1.7800, with stop loss of 1.7700 and target price of 1.7900
