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FxWirePro: EUR/NZD range bound in the short term, primary trend still bullish

• EUR/NZD pair traded in tight range  on  Monday  as investors remained risk averse ahead of central bank decisions and closely watched data releases.

• Copper slid 0.96%, languishing near last week's four-month low on Chinese demand concerns and high inventories. Gold was down 0.3%, hurt by the stronger dollar.

• EUR/NZD if breaks above 23.6%fib  resistence will increase upward  pressure with  initially target at 1.8500.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 58 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up. 

• Immediate resistance is located at 1.8471(23.6%fib), any close above will push the pair towards 1.8632(Marc 30th 2020 high).

• Strong support is seen at 1.8393(Jul 26th low) and break below could take the pair towards 1.8298 (38.2% fib ).

Recommendation: Good to buy around 1.8380 with stop loss of 1.8270 and target price of 1.8460
 

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