• EUR/NZD strengthened on Wednesday as euro was boosted after markets raised bets of ECB hike after inflation data.
•Money markets raised their bets on a September rate hike from the ECB, pricing in a 60% chance of a 25 basis-point move.
• EUR/NZD traded in range 1.8373-1.8215 the pair was last trading up 0.03 percent at 1.8344.
• Technical signals show the pair could gain more ground as RSI is at 60, and 9, 11,21 DMA’s are trending north.
• Immediate resistance is located at 1.8367 (23.6%fib), any close above will push the pair towards 1.8450 (Higher BB).
• Immediate support is seen at 1.8297 (5DMA) and break below could take the pair towards 1.8247(38.2%fib).
Recommendation: Good to buy around 1.8340, with stop loss of 1.8200 and target price of 1.8410
