• EUR/NZD retreated slightly towards 1.7700 on Wednesday as the cross pair failed to break resistance at 1.7735 .
• EUR/NZD trade sideways between 1.7735 and 1.7651 range
• A daily close above 23.6% fib will further improve the technical outlook, and open the possibility of a rally towards 1.7850 level.
• Technical signals show RSI is at 55 bullish , daily momentum studies 9, 10 and 11 DMAs are trending upwards.
• Immediate resistance is located at 1.7735 (23.6% fib), any close above will push the pair towards 1.7801(Higher BB).
• Immediate support is seen at 1.7649 (5DMA) and break below could take the pair towards 1.7615 (38.2% fib).
Recommendation: Good to buy on dips around 1.7690, with stop loss of 1.7600 and target price of 1.7790
