• EUR/NZD eased slightly on Wednesday as kiwi dollar firmed slightly supported by improving global risk appetite.
• On the data front, the Eurozone October HCOB Composite PMI came in at 52.5, above the consensus of 52.2, signaling the fastest pace of expansion in over two years.
• Investors now await Eurozone retail sales data due Thursday, with forecasts calling for a 0.2% m/m and 1.0% y/y increase.
• From a technical viewpoint, RSI is strongly bullish at 57, daily momentum studies, 11, 14 and 21 daily MAs climb.
• Immediate resistance is located at 2.0426 (Higher BB), any close above will push the pair towards 2.0465(23.6%fib).
• Immediate support is seen at 2.0234 (SMA 20) and break below could take the pair towards 2.0157(38.2% fib).
Recommendation: Good to buy on dips around 2.0270 with stop loss of 2.0200 and target price of 2.0360
