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FxWirePro: EUR/NZD rises above 1.7900 level, scope for further upside

• EUR/NZD rose  higher on Monday as investors look ahead to the ECB interest rate decision later this week.

• The ECB is expected to keep rates on hold in July, as more data is needed to confirm the return of inflation to target.

• At GMT 16:54, the pair was trading up 0.45 percent  at 1.7903 after reaching daily high at 1.7932.

• Technically, the moving averages are indicating a uptrend trend, while the Relative Strength Index (RSI) is strongly bullish at 70.

• Immediate resistance is located at 1.7932(23.6%fib), any close above will push the pair towards 1.7970 (May 14th high).

• Strong support is seen at 1.7836(38.2%fib) and break below could take the pair towards 1.7756(50% fib ).

Recommendation: Good to buy around 1.7900  with stop loss of 1.7800 and target price of 1.7950  
 

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