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FxWirePro: EUR/NZD runs out of steam but maintains bullish outlook

• EUR/NZD initially gained on Friday but ran out of steam after mixed German economic data .

• EUR/NZD  hold above 38.2% fib support suggests it will continue to consolidate gains from todays daily  low.


• At GMT 17:06, the pair was trading up 0.62 percent  at 1.6896 after reaching daily high at 1.6955.

• Immediate resistance is located at 1.6964 (23.6%fib), any close above will push the pair towards 1.7000(Psychological level).

• Immediate support is seen at 1.6870 (38.2%fib) and break below could take the pair towards 1.6843 (5DMA).

Recommendation: Good to buy around 1.6880, with stop loss of 1.6800 and target price of 1.6950 

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