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FxWirePro: EUR/NZD range tightens as market looks to US CPI data for a catalyst

• EUR/NZD edged higher  on Wednesday  but gains were limited as  traders held off from making big moves ahead of U.S. inflation data on Thursday .

• At GMT 17:07, the pair was trading up 0.48 percent  at 1.6923 after reaching daily high at 1.6972.

• A rally towards   1.7000 zone is possible if EUR/NZD bulls overcome resistance at 38.2%fib. 

• From a technical viewpoint, RSI  is strongly bullish at 56, daily momentum studies, 5, 10 and 11 daily  MAs are pointing higher.

• Immediate resistance is located at 1.6958 (38.2%fib), any close above will push the pair towards 1.7011 (Higher BB).

• Immediate support is seen at 1.6825 (50%fib) and break below could take the pair towards 1.6746(Jan 6th low).

Recommendation: Good to buy on dips around 1.6900, with stop loss of 1.6780 and target price of 1.6980

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