• EUR /NZD strengthened on Wednesday as less hawkish than feared comments seen from U.S. Federal Reserve Chair Jerome Powell boosted the pair.
• The euro jumped 0.35% against kiwi dollar , rise above the 1.7000(Psychological level) has reinforced the growing bullish strength.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 57,while moving averages are trending higher.
• Immediate resistance is located at 1.7023(Daily high), any close above will push the pair towards 1.7081(23.6% fib).
• Immediate support is seen at 1.6968(5DMA)and break below could take the pair towards 1.6932 (38.2% fib).
Recommendation: Good to buy on dips around 1.6980, with stop loss of 1.6900 and target price of 1.7070.
