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FxWirePro :EUR/NZD maintains bullish bias with focus on 1.7150 level

• EUR/NZD strengthen on Monday as euro was boosted after data showed German retail sales increased   in June,adding to hopes for a consumer-driven recovery in Europe's largest economy.

• EUR/NZD bulls have to contend with strong resistance at 1.7026 (38.2%fib). If EUR/NZD longs overcome that level, tests of 1.7115 (Higher BB) resistance is likely.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 55 bullish, daily momentum studies  5, 9   DMAs are trending  up.

•Resistance Levels : 1.7055 (38.2%fib) , 1.7111 (Higher BB), 1.7132 (23.6%fib)                     
• Support Levels: 1.6990 (50%fib), 1.694(11DMA), 1.6923 ( 61.8%fib)

Recommendation: Good to on dips around 1.7000, with stop loss of 1.6920 and target price of 1.7150

 

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