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FxWirePro: EUR/NZD bulls gear up for next leg higher, eyes 1.8100 level

• EUR/NZD rose past 1.8000 level  on Friday   as kiwi dollar weakened further against euro on  country's negative growth trajectory .

• Official data out on Thursday showed gross domestic product (GDP) fell 0.1% in the December quarter, worse than analysts' forecast of a 0.1% increase.

• EUR/ NZD rally lifts the pair above 1.8000 level. A break and daily close above 23.6%fib  resistence will accelerate further gains.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 70 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

• Immediate resistance is located at 1.8049(23.6%fib), any close above will push the pair towards 1.8109 (Nov 22nd 2023 high).

• Strong support is seen at 1.7959 (Daily low) and break below could take the pair towards 1.7924(38.2%fib )

Recommendation: Good to buy around 1.8010, with stop loss of 1.7900  and target price of 1.8100

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