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FxWirePro: EUR /NZD runs out of steam but maintains bullish outlook

• EUR/NZD   recovered some ground from initial decline on Thursday as  investors focused on rate hike bets by ECB.

• Markets currently price 107 basis points of rate hikes for the rest of the year, or a little more than a quarter percent increase at each policy meeting from July onwards.

• Technical signals show the pair could gain more ground in the short-term as RSI is at  61 bullish, daily momentum studies  5, ,9,11   DMAs are turning up.

• Immediate resistance is located at 1.6631(38.2% fib), any close above will push the pair towards 1.6701 ( 16th May high).

• Immediate support is seen at 1.6548 (5DMA) and break below could take the pair towards 1.6472(50% fib).

 Recommendation: Good to sell around 1.6580, with stop loss of 1.6472 and target price of 1.6400.

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