• EUR/NZD uptrend consolidated for a second day on Friday as euro was supported by upbeat German Producer Price Index data.
• In March, the German Producer Price Index increased by 0.2%, a significant rise from the previous -0.4% and surpassing the anticipated 0% figure.
• A rally towards 1.8200 is possible if EUR/NZD bulls overcome resistance at 1.8154 (23.6%fib).
•Technicals highlight upside risks. The 11- and 14-day simple moving averages lend support, daily RSI is bullish at 61.
• Immediate resistance is located at 1.8154 (23.6%fib), any close above will push the pair towards 1.8222(Nov 20th high).
• Immediate support is seen at 1.8020 (38.2%fib) and break below could take the pair towards 1.7987 (SMA 11).
Recommendation: Good to buy round 1.8070, with stop loss of 1.7900 and target price of 1.8200
