• EUR/NZD rose higher on Thursday as New Zealand dollar weakened against euro after negative Q4 GDP data.
•New Zealand's gross domestic product fell 1.0% in the fourth quarter of last year, data showed on Thursday.
• EUR/NZD rally off daily low now look more like a corrective bounce,further upside is unlikely to sustain.
• Technical signals are mixed as RSI is at 48, daily momentum studies 5, 9 and 10 DMAs are turning up.
• Immediate resistance is located at 1.6657(38.2%fib), any close above will push the pair towards 1.6747(Higher BB).
• Immediate support is seen at 1.6494 (23.6% fib) and break below could take the pair towards 1.6403 (Lower BB).
Recommendation: Good sell around 1.6650, with stop loss of 1.6700 and target price of 1.6550
