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FxWirePro: EUR/NZD maintains bullish bias with focus on 1.8400 level

• EUR/NZD  rally extended towards 1.8315 on Tuesday   as the pair was boosted by  investor morale brightened unexpectedly in August

• ZEW's economic sentiment index rose to -12.3 points from -14.7 points in July. Analysts polled   had expected sentiment to stagnate in August with a reading of -14.7..

• A rally towards is   possible if  EUR/NZD bulls overcome resistance at 23.6%fib.

• From a technical viewpoint, RSI  is strongly bullish at 57, daily momentum studies, 5, 10 and 21 daily  MAs all climb.

•Immediate resistance is located at 1.8340(23.6%fib), any close above will push the pair towards 1.8417(Higher BB).

•Immediate support is seen at 1.8282 (5DMA) and break below could take the pair towards 1.8186 (38.2%fib).

Recommendation: Good to buy on dips around 1.8300, with stop loss of 1.8220 0and target price of 1.8400.

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