• EUR/NZD initially dipped on Wednesday but rebounded as broad based New Zealand dollar selling drove EUR/NZD higher.
•The pair reaches 1.7890 after rebounding from 1.7795 (Daily low). A close above 1.7969 (23.6 fib), should trigger a new bullish phase with potential for 1.8100.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 61 bullish, daily momentum studies 5, 10 and 21 DMAs are trending up.
• Immediate resistance is located at 1.7969 (23.6 fib), any close above will push the pair towards 1.8016 (Higher BB).
• Strong support is seen at 1.7828 (38.2% fib) and break below could take the pair towards 1.7735 (21DMA )
Recommendation: Good to buy around 1.7880 , with stop loss of 1.7800 and target price of 1.8000
