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FxWirePro:EUR/NZD rebounds sharply, daily chart points to a much bigger gain

• EUR/NZD rose sharply on Friday as reports of a new COVID strain that could be much   transmissible   more lethal drove the pair higher.

• EUR/NZD rose from 1.6330 to hit high at 1.6629  in US session, before retreating slightly

• The pair currently is approaching resistance at 23.6%fib. A break above 23.6%fib will unmask 1.6730 level in the short term.

• Technical signals show the pair could lose more ground in the short-term as RSI is at 67 bullish, daily momentum studies 9, 10 and 11 DMAs are trending up.

• Immediate resistance is located at 1.6629 ( 23.6%fib), any close above will push the pair towards 1.6730 (Oct 11th high).

• Immediate support is seen at 1.6520 (38.2%fib) and break below could take the pair towards 1.6433 (50% fib).

Recommendation: Good to buy   around 1.6580, with stop loss of 1.6450 and target price of 1.6730
 

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