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FxWirePro: EUR/ NZD capped by the 50.0% fibonacci, good to sell on rally

• EUR/ NZD  declined on Wednesday  as  stronger dollar and  risk aversion weighed on the pair.

• EUR/ NZD  focus is on 1.7247 (38.2%fib) support, a break below will accelerate losses  for the  pair

• From a technical viewpoint, RSI  is bearish  at 42, daily momentum studies, 5, 10 and 11 daily  MAs are pointing higher.

• Immediate resistance is located at 1.7427( 50%fib), any close above will push the pair towards 1.7498 (5DMA).

• Immediate support is seen at 1.7247 (38.2%fib) and break below could take the pair towards 1.7148 (Lower BB).

Recommendation: Good to sell around 1.7320, with stop loss of 1.7400 and target price of 1.7180
 

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