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FxWirePro: EUR/NZD bullish outlook with scope to target 1.6900

• EUR/NZD rose higher on Tuesday as falling  commodity prices weighed on  commodity-price sensitive New Zealand dollar.

•Brent oil dipped  after topping $80 per barrel for the first time in nearly three years, while copper  prices declined as concerns of slower growth rose.

• EUR/NZD  but found buyers at 1.6644, rally lifts the pair towards 1.6800. A break and daily close above 50%fib will accelerate further gains.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 55  bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

• Immediate resistance is located at 1.6828 (50%fib), any close above will push the pair towards 1.6905 (61.8%fib).

• Strong support is seen at 1.6750 (38.2%fib) and break below could take the pair towards 1.6651(23.6% fib )

Recommendation: Good to buy around 1.6770, with stop loss of 1.6700 and target price of 1.6900

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