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Fxwirepro: EUR/NZD loses momentum but outlook is bullish

• EUR/NZD erased earlier gains on Thursday  as pair eroded some of day's gains after hotter-than-expected U.S.CPI data.

• U.S. consumer prices increased more than expected in September as rents surged by the most since 1990 and the cost of food also rose.

• The pair  came off session highs as the pair  cut some of earlier gains  after the initial shock.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 63 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

•  Immediate resistance is located at 1.7352 (38.2%fib), any close above will push the pair towards 1.7529(23.6%fib)

• Support is seen at 1.7275(14 DMA) and break below could take the pair towards 1.7218 (50%fib).

Recommendation: Good to buy around around 1.7310 with stop loss of 1.7210 and target price of 1.7450
 

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