• EUR/NZD steadied on Wednesday as optimism over peace talks between Russia and Ukraine boosted euro.
• The moves came as Russia's promised during peace talks on Tuesday to reduce its attack on Kyiv.
• The pair is currently approaching resistance at 1.6011 ( 14DMA). Break above is likely push the pair towards 1.6200 level.
• Technical signals are turning bullish as RSI is turning higher at 40, daily momentum studies 5, 9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.6020 ( 38.2%fib), any close above will push the pair towards 1.6218 ( 50%fib)
• Strong support is seen at 1.5948 (5 DMA ) and break below could take the pair towards 1.5764 (23.6% fib).
Recommendation: Good to buy around 1.5980, with stop loss of 1.5880 and target price of 1.6100.
