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FxWirePro: EUR/NZD sustains gains as uptrend remains strong

• EUR/NZD strengthened on Monday as   remarks from ECB's Jochnick, equity gains & oil drop   added   euro buoyancy.

• Concerns of a resilient euro zone labour market and fears over the Middle East conflict have kept investors on the edge recently.

• Technical signals are bullish as RSI is at 52, daily momentum studies  5, 9 and 10 DMAs are trending up.

•  Immediate resistance is located at 1.7882 (38.2%fib), any close above will push the pair towards 1.8002 (23.6%fib).

• Strong support is seen at 1.7812(50%fib) and break below could take the pair towards 1.7722 (Jul 6th low).

Recommendation: Good to buy around 1.7870, with stop loss of 1.7800 and target price of 1.7980
 

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