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FxWirePro: EUR/NZD bulls gear up for a charge at key resistance after ECB rate decision

• EUR/NZD initially dipped on Thursday but   recovered   most of  the ground as euro bounced back after ECB rate decision.

• ECB  kept borrowing costs at record highs, but took a first, small step towards lowering them, saying inflation was easing faster than it anticipated only a few months ago.

• At GMT 19:52, the pair was trading down 0.23 percent  at 1.7730 recovering from daily low (1.7635)

• A rally towards is  1.7800 possible if  EUR/NZD bulls overcome resistance at 38.2%fib. 

• Immediate resistance is located at 1.7743(38.2%fib ), any close above will push the pair towards 1.7788  (Daily high).

• Strong support is seen at 1.7675 (50%fib) and break below could take the pair towards 1.7603 (61.8%fib).

Recommendation: Good to buy around 1.7720 with stop loss of 1.7630  and target price of 1.7800.
 

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