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FxWirePro: EUR/NZD stuck in range but maintains bullish bias

• EUR/NZD initially dipped  on Thursday but rebounded after 50-basis-point interest rate hike by the European Central Bank.

• European Central Bank pushed through 50 bps hike despite market turmoil.

• The current uptrend is likely to continue as long as the pair does not move below 50 % fib support.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 56 bullish, daily momentum studies  14, 21 and 30 DMAs are trending  up.

• Immediate resistance is located at 1.7233(38.2% fib), any close above will push the pair towards 1.7321(March 14th high).

• Strong support is seen at 1.7150(21DMA) and break below could take the pair towards 1.7071(50% fib)

Recommendation: Good to buy around 1.7180 with stop loss of 1.7080 and target price of 1.7260

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