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FxWirePro:EUR/NZD rallies towards 3-week high, good to buy on dips

• EUR/NZD rallied  towards 3-week high on Wednesday  as   kiwi dollar fell further following  Tuesday NZ CPI data that reinforced view the RBNZ will not be hiking rates in November.

• New Zealand's consumer inflation slowed to a two-year low in the third quarter, reducing expectations that the central bank will hike the cash rate further.

• Technical signals are bullish as RSI is at 58, daily momentum studies  5, 9 and 10 DMAs are trending up.

• Immediate resistance is located at 1.8000(38.2%fib), any close above will push the pair towards 1.8128(23.6%fib).

• Strong support is seen at 1.7916(50%fib) and break below could take the pair towards 1.7816 (50%fib).

Recommendation: Good to buy around 1.7970 with stop loss of 1.7800 and target price of 1.8070

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