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FxWirePro: EUR/NZD eyes fibo resistance after rallying off from 1.6072

• EUR/NZD strengthened on Monday  as the kiwi dollar   reversed directions as recent wave of new COVID cases in Europe weighed on commodity linked  kiwi dollar sharply .

• COVID concerns also weighed on oil prices, which were pushed down towards eight-week lows on worries of decreased demand.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 51 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

• Immediate resistance is located at 1.6206 (38.2%fib), any close above will push the pair towards 1.6299 (50%fib).

• Strong support is seen at 1.6142 (5DMA) and break below could take the pair towards 1.6090(23.6% fib )

Recommendation: Good to buy around 1.6100 with stop loss of 1.6000 and target price of 1.6240

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