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FxWirePro: EUR/NZD repeatedly capped By a key resistance ,bears set to regain control

• EUR/NZD steadied on  Tuesday  but gains were limited     ahead of   central bank meetings, and key U.S. economic data.

• EUR/NZD  approached to test resistance 38.2%fib  but   retreated slightly as   bulls  lost strength.

•The pair  inability to hold gains above   38.2% fib, may increases the likelihood of a drop towards 1.6750 level.                 .

• Technical are bearish  as RSI is lower at 49  bullish, daily momentum studies  5, 9 and 11 DMAs are trending  down.

• Immediate resistance is located at 1.6885 (38.2%fib), any close above will push the pair towards 1.6905(100DMA).

• Strong support is seen at 1.6775 (Daily low) and break below could take the pair towards 1.6725 (23.6% fib )

Recommendation: Good to sell around 1.6900, with stop loss of 1.7000 and target price of 1.6810

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