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

• EUR/NZD traded within limited  range  on Wednesday  as lack of  key economic data in the Eurozone and the New Zealand kept movement  limited .

• Wednesday's data calendar was    light in Europe, consisting mainly of some German factory numbers.

•EUR/NZD has seen a 1.7964 -1.7910 range on Wednesday , bear  are on course to force a daily close under 23.6% fib support.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 45 bearish daily momentum studies  5, 9 and 11 DMAs are trending  down.

• Immediate resistance is located at 1.7971(38.2%fib), any close above will push the pair towards 1.8047(50%fib).

• Strong support is seen at 1.7874(23.6% fib) and break below could take the pair towards 1.7831 (Lower BB )

Recommendation: Good to sell around 1.7920  with stop loss of 1.8060  and target price of 1.7850

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