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FxWirePro: EUR/NZD hovers around 1.7511 as market await US CPI for direction

• EUR/NZD traded in tight range on Tuesday as  markets prepared for highly anticipated U.S. CPI data that could set the tone for the market..

• US consumer price inflation  is expected to show headline inflation rose 0.2% in the month and by 3.2% on an annual basis. 

• Pair traded in   1.7563/1.7491  range and was last trading at 1.7511 in  the US afternoon session.

• Technical signals are bullish as RSI is at 43, daily momentum studies  5,9 and 10 DMAs are trending down.

•  Immediate resistance is located at 1.7547( 38.2%fib), any close above will push the pair towards 1.7646(50%fib)

• Strong  support is seen at 1.7425 (23.6%fib ) and break below could take the pair towards 1.7409 (Lower BB).

Recommendation: Good  to sell  around 1.7520, with stop loss of 1.7640 and target price of 1.7430

  • Market Data
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