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FxWirePro: EUR/NZD loses momentum but outlook is bullish

• EUR/NZD retreated from daily high on Friday as currency traders took some risk off the table after US jobs data.

• EUR/NZD initially rose but dipped  after hiting daily high at 1.6780. A daily close above 1.6720 (38.2%fib) will accelerate further gains.

•Today's range 1.6615-1.6757 has unfolded above 5 DMA at 1.6617.

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

• Immediate resistance is located at 1.6720 (38.2%fib), any close above will push the pair towards 1.6811(50DMA).

• Strong support is seen 1.66170(5DMA) and break below could take the pair towards 1.6600(50%fib).

Recommendation: Good to buy around 1.6650, with stop loss of 1.6550 and target price of 1.6730
 

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