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FxWirePro: EUR/NZD hovers around 1.6900 as market await results of midterm US elections

• EUR/NZD after initially fell on Tuesday but  the pair recovered some ground as investors braced for volatility   ahead of midterm US election results and upcoming US inflation data.

• In an up-and-down session, the pair hit low at 1.6819 in early trading then recovered  towards  1.6922.

• The pair inability to hold gains above 50%fib resistance, may increases the likelihood of a drop towards 1.6800 level.

• Technical signals show the pair could gain lose ground in the short-term as RSI is at 44 bearish, daily momentum studies  5, 9 and 11 DMAs are trending  down. 

• Immediate resistance is located at 1.6940(50%fib), any close above will push the pair towards 1.7036 (14DMA).

• Strong support is seen at 1.6823(Daily low) and break below could take the pair towards 1.6710 (38.2%fib ).

Recommendation: Good to sell around 1.6900 with stop loss of 1.7030 and target price of 1.6800
 

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