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FxWirePro:EUR/NZD regains upwards momentum, signals favor longs

• EUR/NZD strengthened on Tuesday   as euro was boosted after a survery showed German investor morale surged in February.

•The ZEW said its survey of investors’ economic sentiment showed a rise to 71.2 points from 61.8 the previous month.

• EUR/NZD  initially dipped but rebounded strongly after finding support at 1.6723, rally lifts the pair towards 1.6780. A break and daily close above 1.6819 (50%fib) will accelerate further gains.

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

• Immediate resistance is located at 1.6819 (50%fib), any close above will push the pair towards 1.6914(61.8%fib).

• Strong support is seen at 1.6723 (38.2%fib) and break below could take the pair towards 1.6644(Feb 9th low ).

Recommendation: Good to buy around 1.6770, with stop loss of 1.6650 and target price of 1.6860
 

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