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FxWirePro: EUR/NZD rises on hawkish ECB statement, eyes 1.7250 level

• EUR/NZD strengthened   on Thursday as hawkish comments from ECB boosted  euro across the board.

• ECB opened door to 2022 rate hike in policy turnaround, a language change in the statement from ECB  helped the pair drive higher.

• The pair is currently approaching resistance at 23.6%fib. A break and daily close above will accelerate further gains towards 1.7250 level.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 72 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up. 

• Immediate resistance is located at 1.7174 (23.6%fib), any close above will push the pair towards 1.7238(Dec 28th 2020 high).

• Strong support is seen at 1.7110 (38.2% fib) and break below could take the pair towards 1.7079(5DMA).

Recommendation: Good to buy around 1.7150 with stop loss of 1.7020  and target price of 1.7250
 

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