• EUR/NZD strengthened on Wednesday as broad based New Zealand dollar selling drove EUR/NZD higher.
• Kiwi dollar turned negative led by sliding oil price, other commodities started to fall with Dalian iron ore falling over 4.0%.
• Technicals highlight upside as RSIs imply upside momentum, while moving averges are trending north.
• Immediate resistance is located at 1.6875 (Higher BB), any close above will push the pair towards 1.6979 (23.6%fib).
• Strong support is seen at 1.6705 (38.2%fib) and break below could take the pair towards 1.6648 (10DMA ).
Recommendation: Good to buy around 1.6790, with stop loss of 1.6700and target price of 1.6970
