• EUR/NZD gained on Friday as risk-sensitive currencies like New Zealand dollar gave up more ground on growing doubts over a quick recovery from the coronavirus pandemic.
• The pair pierces 1.7571 (38.2% fib) then pulls back slightly, A daily close above 38.2% fib will take pair towards 1.7800 level.
• Technical signals show the pair could gain more ground in the short-term as lower bolling band is turning up, daily momentum studies 5 and 9 DMAs are trending up.
• On the upside, Immediate resistance is located at 1.7571 (38.2% fib), any close above will push the pair towards 1.7705 (21 DMA).
• On the downside, strong support is seen at 1.7410(5 DMA) and break below could take the pair towards 1.7202( 23.6% fib )
Recommendation: Good to buy around 1.7480, with stop loss of 1.7200 and target price of 1.7600
