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


• EUR/NZD after initially falling on Tuesday  the pair recovered some ground as the pair was supported  by the pullback in Treasury yields and weaker kiwi dollar.

• In an up-and-down session, the pair hit low at 1.7281 in early trading then recovered  towards 1.7373.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 64 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up. 

• Immediate resistance is located at 1.7493 (23.6%fib), any close above will push the pair towards 1.7585 (Higher BB).

• Strong support is seen at 1.7346(9DMA) and break below could take the pair towards 1.7316  (38.2%fib )

Recommendation: Good to buy around 1.7360 with stop loss of 1.7280 and target price of 1.7500
 

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