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FxWirePro:EUR/NZD consolidating around 1.6930, bias is bullish

• EUR/NZD sailed up through 1.6900 on Wednesday as upbeat Euro zone PMI data supported positive  sentiment toward the common currency.

• The pairs rise above the 1.6900 (38.2% fib) has reinforced the growing bullish structure, putting focus on resistance at 1.6995 (23.6%fib).Only a break below 1.6825 (50%fib) will upset upward momentum.

• Technical signals show the pair could gain more ground as RSI is at 63 with 5, 10 and 21-day MAs in bullish alignment. 

• Immediate resistance is located at 1.6995 (23.6%fib), any close above will push the pair towards 1.7047(Higher BB ).

• Immediate support is seen at 1.6900 (38.2% fib) and break below could take the pair towards 1.6825 (50%fib).

Recommendation: Good to buy around 1.6910, with stop loss of 1.6825 and target price of 1.6990
 

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