• EUR/NZD initially gained on Wednesday but gave up some ground as investors digested Fed's meeting out come and New Zealand GDP data .
•The Fed's policy statement described inflation remains high and revised economic growth projections up while lowering unemployment rate estimates compared to December.
• The latest data from New Zealand on Thursday showed that the nation’s GDP growth number contracted 0.1% QoQ in the fourth quarter from the previous reading of 0.3% contraction.
• Technicals are favouring bullish sentiment as RSI is at 67 and the pair is trading above 11 & 14-DMAs.
• Immediate resistance is located at 1.8023 (23.6% fib), any close above will push the pair towards 1.8078 (38.2% fib)
• Support is seen at 1.7945 (Daily low) and break below could take the pair towards 1.7884 (38.2% fib).
Recommendation: Good to buy around 1.7945, with stop loss of 1.7880 and target price of 1.8050
