• EUR/NZD sailed up through 1.6900 on Wednesday as upbeat Euro zone PMI data supported positive sentiment toward the common currency.
• The pairs rise above the 1.6900 (38.2% fib) has reinforced the growing bullish structure, putting focus on resistance at 1.6995 (23.6%fib).Only a break below 1.6825 (50%fib) will upset upward momentum.
• Technical signals show the pair could gain more ground as RSI is at 63 with 5, 10 and 21-day MAs in bullish alignment.
• Immediate resistance is located at 1.6995 (23.6%fib), any close above will push the pair towards 1.7047(Higher BB ).
• Immediate support is seen at 1.6900 (38.2% fib) and break below could take the pair towards 1.6825 (50%fib).
Recommendation: Good to buy around 1.6910, with stop loss of 1.6825 and target price of 1.6990
