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

• EUR/NZD declined on Wednesday as  investors squared position ahead   Fed announcement  .

• EUR/NZD failed to close below key support, the pair inability to close below 50%fib, should encourage bulls to rebound.

• Technical signals show the pair could gain more ground in the short-term as RSI is  bullish at 57, daily momentum studies  5  and 9 DMAs are trending  up.

• Immediate resistance is located at 1.6988 (38.2%fib), any close above will push the pair towards 1.7033 (Daily high).

• Strong support is seen 1.6967 (5DMA) and break below could take the pair towards 1.6920 (50%Fib)

Recommendation: Good to buy around 1.6970, with stop loss of 1.6900 and target price of 1.7050

 

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