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FxWirePro:EUR/NZD caught in narrow range, bias bullish

• EUR/NZD initially dipped on Thursday but recovered  some ground as  positive signals for the global economy this week supported positive  sentiment towards the common currency.

• Choppy overnight action leads to a short lived dip but, buyers emerged near 1.6835,  pair nears the 50%fib at 1.6943.

• Technical signals show the pair could gain more ground as RSI is at 62 with 5, 10 and 21-day MAs in bullish alignment. 

• Immediate resistance is located at 1.6942 (50%fib), any close above will push the pair towards 1.7021(Higher BB ).

• Immediate support is seen at 1.6872 (100DMA) and break below could take the pair towards 1.6837 (61.8%fib).

Recommendation: Good to buy around 1.6900, with stop loss of 1.6825 and target price of 1.6970
 

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