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FxWirePro: EUR/NZD rebounds, critical resistance lies ahead

• EUR/NZD strengthened on Tuesday  as the pair   rebounded on combination of technical and fundamental factors.

• At GMT 17:43, the pair was trading up 0.83 percent  at 1.6866 after reaching daily low at 1.6814.

• EUR/NZD bulls   confidence is running high, a test of the 23.6%fib highly seems likely.

• From a technical viewpoint, RSI  is strongly bullish at 53, daily momentum studies, 5, 10 and 11 daily  MAs are pointing higher.

• Immediate resistance is located at 1.6895(Daily high), any close above will push the pair towards 1.6969 (23.6%fib).

• Immediate support is seen at 1.6836 (5DMA) and break below could take the pair towards 1.6774 (38.2%fib).

Recommendation: Good to buy on dips around 1.6860, with stop loss of 1.6780 and target price of 1.6920

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