•EUR/NZD initially gained on Wednesday, but retreated slightly as investors focused turned European Central Bank meeting next week.
•The market are confident that the European Central Bank will not decide to slow down its bond purchases at its June 10 meeting.
• At GMT 19:52, the pair was trading up 0.34 percent at 1.6876 after reaching daily high at 1.6900.
•EUR/NZD remains bullish, only a close back below 1.6793 (38.2%fib), could upset the bullish order.
• Immediate resistance is located at 1.6893(23.6%fib ), any close above will push the pair towards 1.6962 (26th may high).
•Strong support is seen at 1.6847 (5DMA) and break below could take the pair towards 1.6793 (38.2%fib).
Recommendation: Good to buy around 1.6850 with stop loss of 1.6800 and target price of 1.6720
