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FxWirePro: EUR/NZD positions for another climb, eyes 1.8000 level

• EUR/NZD strengthened on Tuesday  as   kiwi dollar fell sharply after softer than expected New Zealand  CPI data.

• New Zealand  CPI data reinforces view the Reserve Bank of New Zealand will significantly reduce the likelihood of any further hikes.

• Technical signals are bullish as RSI is at 55, daily momentum studies  5, 9 and 10 DMAs are trending up.

• Immediate resistance is located at 1.7958(Daily high), any close above will push the pair towards 1.8000 (23.6%fib).

• Strong support is seen at 1.7905(38.2%fib) and break below could take the pair towards 1.7816 (50%fib).

Recommendation: Good to buy around 1.7930 with stop loss of 1.7800 and target price of 1.8000
 

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