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

• EUR/NZD initially gained on Tuesday  but gave up ground as investors awaited ECB meeting on Thursday.

• Traders are now awaiting Thursday's ECB meeting,  to see if ECB   hike pricing narrows further in support of euro.

• Technical signals indicate bullish movementum, as RSI is at 54, daily momentum studies  5, 9 and 11 DMAs are trending  up. 

• Immediate resistance is located at 1.7286 (30DMA), any close above will push the pair towards 1.7344 (23.6%fib).

• Strong support is seen at 1.6427 (38.2% fib) and break below could take the pair towards 1.6376 (Lower BB ).

Recommendation: Good to buy around 1.6480, with stop loss of 1.6380 and target price of 1.6590
 

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