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FxWirePro: EUR/NZD consolidates around 1.7070, outlook bullish

• EUR/NZD strengthened on Friday  as positive  German trade surplus data supported euro against kiwi dollar.

• German trade surplus rises to EUR 16.7 billion in January. Largest trade surplus since July 2021

• EUR/NZD is now on course to register a   close above  1.7122 (23.6%fib)level, chart points to bigger gains towards  1.7200.  

• From a technical viewpoint, RSI  is strongly bullish at 55, daily momentum studies, 5, 10 and 21 daily  MAs all climb.

• Immediate resistance is located at 1.7122 (23.6%fib), any close above will push the pair towards 1.7179 (Higher BB).

• Immediate support is seen at 1.7006(38.2% fib) and break below could take the pair towards 1.6955 (30DMA).

Recommendation: Good to buy on dips around 1.7060, with stop loss of 1.6900 and target price of 1.7160
 

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