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FxWirePro: EUR/NZD trends higher, but faces potential pitfalls


• EUR/NZD  initially dipped  on Wednesday  but recovered ground  as buyers emerged around 1.8238 level.

• A rally towards is   possible if  EUR/NZD bulls overcome resistance at 23.6%fib.

• From a technical viewpoint, RSI  is strongly bullish at 67, daily momentum studies, 5, 10 and 21 daily  MAs all climb.

• Immediate resistance is located at 1.8348 (23.6%fib), any close above will push the pair towards 1.8380 (Daily high).

• Immediate support is seen at  1.8300 (5DMA) and break below could take the pair towards 1.8193  (38.2%fib).

Recommendation: Good to buy on dips around 1.8300, with stop loss of 1.8320 0and target price of 1.8390.
 

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