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FxWirePro: EUR/NZD downtrend fades as markets await key events later in the week

• EUR/NZD edged higher in on Tuesday   as investors awaited key events for further direction.

• Major move is unlikely ahead of US CPI Wednesday and ECB decision on Thursday which will determine EUR/NZD direction.

• EUR/NZD  initially dipped but found buyers at 1.8122, rally lifts the pair towards 1.8224.

• Technical signals are mixed as as RSI is bullish at 51, daily momentum studies  5, 9 and 11 DMAs are trending  south.

• Immediate resistance is located at 1.8242 (38.2% fib), any close above will push the pair towards 1.8317 (Sep 5th high).

• Strong support is seen at 1.8195 (5 DMA) and break below could take the pair towards 1.8128 (50% fib )

Recommendation: Be on sidelines

  • Market Data
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