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FxWirePro:EUR/NZD consolidating around 1.6630, bias is bearish

• EUR/NZD rose higher on Thursday as New Zealand dollar weakened against euro  after negative Q4 GDP data.

•New Zealand's gross domestic product fell 1.0% in the fourth quarter of last year, data showed on Thursday.

•  EUR/NZD rally off daily  low now look more like a corrective bounce,further upside is unlikely to sustain.

• Technical signals are mixed  as RSI is at 48, daily momentum studies  5, 9 and 10 DMAs are turning up.

• Immediate resistance is located at 1.6657(38.2%fib), any close above will push the pair towards 1.6747(Higher BB).

• Immediate support is seen at 1.6494 (23.6% fib) and break below could take the pair towards 1.6403 (Lower BB).

Recommendation: Good sell  around 1.6650, with stop loss of 1.6700 and target price of 1.6550

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