• EUR/NZD retreated slightly on Wednesday as market digested release of the Federal Reserve’s October meeting minutes.
• Minutes from the Fed's October meeting showed policymakers were more divided than usual, lowering interest rates even as some members cautioned the move could quell efforts to cool inflation.
• EUR/NZD is trading near the higher band of the Bollinger Bands, indicating the EUR/NZD recent gains may continue in the short term.
• Looking ahead ,investors watch EU economic indicators due Thursday, including November’s consumer confidence survey and PMI data, which could influence euro sentiment further.
• Immediate resistance is located at 2.0610(23.6%fib), any close above will push the pair towards 2.0697(Higher BB).
• Immediate support is seen at 2.0378 (SMA 20) and break below could take the pair towards 2.0294(38.2%fib).
Recommendation: Good to buy on dips around 2.0530 with stop loss of 2.0460 and target price of 2.0650
