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FxWirePro: EUR/NZD rally running out of steam, but bias still bullish

• EUR/NZD strengthened on Tuesday   as lack of a new catalyst supported euro’s gains against New Zealand dollar.

• EUR/NZD  initially dipped but found buyers at 1.7754, rally lifts the pair above 1.7800. A break and daily close above 1.7863 (50% fib)will accelerate further gains.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 70 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

• Immediate resistance is located at 1.7863 (50% fib), any close above will push the pair towards 1.7951(Higher BB).

• Strong support is seen at 1.7740 (5DMA) and break below could take the pair towards 1.7580 (61.8% fib )

Recommendation: Good to buy around 1.7734, with stop loss of 1.7550 and target price of 1.7820

 

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