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FxWirePro: EUR/NZD range to extend until there is game changing

• EUR/NZD strengthened on Monday as focus turned to   euro zone GDP and U.S. inflation data for more clues on economic outlook.

• Preliminary third-quarter gross domestic product (GDP) data from the Eurozone  will demonstrate the impact of rising interest rates on economic activity.

• The is pair heading towards the 23.6%fib, as near term direction of the pair is likely to be driven by current price action. 

• Technical signals are bullish as RSI is at 62, daily momentum studies  5,9 and 10 DMAs are trending up.

•  Immediate resistance is located at 1.8240( 23.6%fib), any close above will push the pair towards 1.8315  (5th Sep high)

• Strong  support is seen at 1.8137 (38.2%fib ) and break below could take the pair towards 1.8100 (21DMA).

Recommendation: Good to buy  around 1.8180, with stop loss of 1.8060  and target price of 1.8270

 

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