• EUR/NZD rose higher on Friday as euro appreciated following European Central Bank’s policy rate announcement on Thursday.
• EUR/NZD lifts above 1.6900 (38.2% Fib). Momentum favours return above 1.7000 where buyers are tipped.
• Technical signals indicate bullish movementum, as RSI rising sharply, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Strong resistance is located at 1.7007 (50%fib), any close above will push the pair towards 1.7067 (50%DMA).
• Strong support is seen at 1.6923 (38.2% fib) and break below could take the pair towards 1.6814 (23.6% fib )
Recommendation: Good to buy around 1.6950, with stop loss of 1.6800 and target price of 1.7060
