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FxWirePro: EUR/NZD bulls undeterred as upbeat data, ECB comments gives longs lift

• EUR/NZD   rose   on Wednesday as expectations for European Central Bank rate cuts were scaled back following a stronger-than-expected Q3 growth reading for the euro zone.

• French central bank chief Francois Villeroy de Galhau said the European Central Bank should retain its focus on getting inflation to 2% in the medium-term.

•ECB board member Isabel Schnabel argued for gradual rates cuts. Bundesbank President Joachim Nagel said  price stability is not far off.

• Technical signals are  strongly bullish as RSI is   at 66, daily momentum studies  5, 9 and 10 DMAs are trending up.

• Immediate resistance is located at 1.8198 (23.6%fib), any close above will push the pair towards 1.8226 (Higher BB).

• Strong support is seen at 1.8074(38.2% fib) and break below could take the pair towards 1.7964 (50% fib )

Recommendation: Good to buy around 1.8170 with stop loss of 1.8100  and target price of 1.8270

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