FxWirePro : EUR/NZD runs out of steam but maintains bullish outlook

• EUR/NZD eased  on Monday as investors digesting   inflation data out of the Eurozone and awaited fresh catalyst.

• Eurozone inflation was unchanged in April, official data confirmed on Monday, in line with expectations.

· According to final readings from Eurostat, the European Union’s statistical agency, the annual inflation rate in the Eurozone stood at 2.2% in April, unchanged from March.

• Among individual member states, Germany — the Eurozone’s largest economy — recorded an annual inflation rate of 2.2% in April, slightly lower than March’s 2.3%.

•The lack of surprises in the inflation print did little to shift expectations for the European Central Bank’s policy path

• Immediate resistance is located at 1.9041 (50% fib), any close above will push the pair towards 1.9104 (23.6% fib).

• Strong support is seen at 1.8865 (61.8% fib) and break below could take the pair towards 1.8810561.8% fib )

Recommendation: Good to buy around 1.8920, with stop loss of 1.8850 and target price of 1.8980