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FxWirePro: EUR/NZD tight ranges prevail as market waits for Fed minutes

• EUR/AUD after initially gaining on Wednesday as  the pair gave up some ground as the pair struggled for direction ahead of  U.S. Federal Reserve meeting minutes.

• In an up-and-down session, the pair hit high at 1.6335 in early trading then eased  towards 1.6296.

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

• Immediate resistance is located at 1.6336(5DMA), any close above will push the pair towards 1.6413 (50%fib).

• Strong support is seen at 1.6239 (38.2%fib) and break below could take the pair towards 1.6156 (23rd June)

Recommendation: Good to sell  around 1.6300 with stop loss of 1.6400 and target price of 1.6230

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