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FxWirePro: EUR/NZD steadies above 1.6750 after early weakness

• EUR/NZD strengthened   on Monday  as increased expectation that ECB wiil  raise interest rates  supported euro .

• Data on Friday showed euro zone inflation surging to another record, adding to the case for the ECB to raise interest rates this month for the first time in a decade.

• The pair is currently approaching resistance at 38.2%fib. A break and daily close above will accelerate further gains towards 1.6900level.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 58 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up. 

• Immediate resistance is located at 1.6832(38.2% fib), any close above will push the pair towards 1.6833(Higher BB).

• Strong support is seen at 1.6757(11DMA) and break below could take the pair towards 1.6686(50% fib).

Recommendation: Good to buy around 1.6780 with stop loss of 1.6700 and target price of 1.6850
 

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