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

• EUR/NZD eased  on Monday  as investors looked for new catalyst for further dicrection.

• Investors will scrutinize Chinese industrial output and consumer spending data on Tuesday before minutes from the latest U.S. Federal Reserve meeting on Wednesday.

• The pair currently is approaching resistance at 23.6%fib . A break above would unmask 1.8400 level in the short term.

• From a technical viewpoint, RSI  is strongly bullish at 65, daily momentum studies, 5, 10 and 11 daily  MAs are pointing higher.

• Immediate resistance is located at 1.8342(23.6%fib), any close above will push the pair towards 1.8400 (Higher BB).

• Immediate support is seen at 1.8228(5DMA) and break below could take the pair towards 1.8201(38.2%fib).

Recommendation: Good to buy on dips around 1.8250 with stop loss of 1.8150 and target price of 1.8350
 

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