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FxWirePro: EUR/NZD bulls take advantage of BoJ rate tweak, room for further gains

• EUR/NZD rose on Friday   as the pair  gained bullish traction after Bank of Japan made its yield curve control policy more flexible.

• The pair  swung higher immediately after the announcement as traders  assesed BoJ policy tweak implications.

•EUR/NZD has seen a 1.7731 -1.7920range on Friday.Today's bounce away from   support 1.7751(21DMA) may be beginning of bull sign

• 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 1.7940(23.6%fib), any close above will push the pair towards 1.7999 (Higher BB).

• Strong support is seen at 1.7751(21DMA) and break below could take the pair towards 1.7694  (38.2% fib )

Recommendation: Good to buy around 1.7860 with stop loss of 1.7800  and target price of 1.7950

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