• EUR/NZD rose higher on Monday as investors look ahead to the ECB interest rate decision later this week.
• The ECB is expected to keep rates on hold in July, as more data is needed to confirm the return of inflation to target.
• At GMT 16:54, the pair was trading up 0.45 percent at 1.7903 after reaching daily high at 1.7932.
• Technically, the moving averages are indicating a uptrend trend, while the Relative Strength Index (RSI) is strongly bullish at 70.
• Immediate resistance is located at 1.7932(23.6%fib), any close above will push the pair towards 1.7970 (May 14th high).
• Strong support is seen at 1.7836(38.2%fib) and break below could take the pair towards 1.7756(50% fib ).
Recommendation: Good to buy around 1.7900 with stop loss of 1.7800 and target price of 1.7950
