• EUR/NZD initially dipped on Friday but recovered ground as broad based New Zealand dollar weakness drove EUR/NZD higher.
•The pair reaches 1.7373 after recovering from 1.7281.Consolidation likely to continue while market seeks fresh factors.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 59 bullish, daily momentum studies 5, 10 and 21 DMAs are trending up.
• Immediate resistance is located at 1.7378 (Daily high), any close above will push the pair towards 1.7434 (23.6% fib).
• Strong support is seen at 1.7281 (38.2% fib) and break below could take the pair towards 1.7239 (5DMA ).
Recommendation: Good to buy around 1.7320 , with stop loss of 1.7220 and target price of 1.7380
