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FxWirePro: EUR/NZD bulls not out of danger yet, upside bias remains

• EUR/NZD declined on Monday  as retreat in U.S. Treasuries  pushed demand for risk-sensitive currencies  like New Zealand dollar.

•Traders sought risk assets as yields  showed signs of stabilisation after the big sell-off last week.

•Trend remains bullish   and any sharp retracement is likely to be modest.

• Immediate resistance is located at 1.6601( 50% fib), any close above will push the pair towards 1.6726 (38.2%fib)

• Immediate support is seen at 1.6484 (61.8%fib ) and break below could take the pair towards 1.6435 (Lower BB).

 Recommendation: Good to buy   around 1.6520, with stop loss of 1.6450 and target price of 1.6600.

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