• EUR/NZD initially gained but gave up ground as caution prevailed ahead of key inflation data from the euro zone.
• February flash inflation data for France and Germany is due on Thursday, and for the euro zone as a whole on Friday.
• Pair traded in 1.7563/1.7626 range and was last trading at 1.7593 in the US afternoon.
• Technical signals show the pair could gain more ground as RSI is at 51 with 5, 10 and 21-day MAs in bullish alignment.
• Immediate resistance is located at 1.7626(38.2% fib), any close above will push the pair towards 1.77051(Feb 16th high ).
• Immediate support is seen at 1.7563 (50% fib) and break below could take the pair towards 1.7501(61.8% fib).
Recommendation: Good to buy around 1.7580, with stop loss of 1.7600 and target price of 1.7660
