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FxWirePro:EUR/NZD grinds higher as frustrated shorts pare back

• 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 
 

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