• EUR/NZD sailed up through 1.7500 on Monday as upbeat Germany’s Ifo business sentiment index data and last week’s EU summit success continued to support sentiment toward the common currency.
• The pairs rise above the 1.7447 (23.6% fib) has reinforced the growing bullish structure, putting focus on resistance at 1.7786 (38.2% fib).Only a break below would suggest upward momentum is waning.
• Technical signals show the pair could gain more ground as RSI is at 59 with 5, 10 and 21-day MAs in bullish alignment.
• Immediate resistance is located at 1.7643 (Higher BB), any close above will push the pair towards 1.7786 (38.2% fib ).
• Immediate support is seen at 1.7477 (23.6% fib) and break below could take the pair towards 1.7350 (21 DMA).
Recommendation: Good to buy around 1.7550, with stop loss of 1.7400 and target price of 1.7700
