• EUR/NZD initially dipped on Thursday but rebounded after 50-basis-point interest rate hike by the European Central Bank.
• European Central Bank pushed through 50 bps hike despite market turmoil.
• The current uptrend is likely to continue as long as the pair does not move below 50 % fib support.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 56 bullish, daily momentum studies 14, 21 and 30 DMAs are trending up.
• Immediate resistance is located at 1.7233(38.2% fib), any close above will push the pair towards 1.7321(March 14th high).
• Strong support is seen at 1.7150(21DMA) and break below could take the pair towards 1.7071(50% fib)
Recommendation: Good to buy around 1.7180 with stop loss of 1.7080 and target price of 1.7260
