• EUR/NZD initially dipped on Thursday but recovered some ground as positive signals for the global economy this week supported positive sentiment towards the common currency.
• Choppy overnight action leads to a short lived dip but, buyers emerged near 1.6835, pair nears the 50%fib at 1.6943.
• Technical signals show the pair could gain more ground as RSI is at 62 with 5, 10 and 21-day MAs in bullish alignment.
• Immediate resistance is located at 1.6942 (50%fib), any close above will push the pair towards 1.7021(Higher BB ).
• Immediate support is seen at 1.6872 (100DMA) and break below could take the pair towards 1.6837 (61.8%fib).
Recommendation: Good to buy around 1.6900, with stop loss of 1.6825 and target price of 1.6970
