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FxWirePro: EUR/NZD buoyancy keeps consolidation intact, set for further gains

• EUR/NZD rose on  Friday as prospect of weaker global growth, weaker NZ CPI data and COVID-19 lockdowns in China increased selling pressure on kiwi dollar.

• EUR/NZD ‘s rally has held above the 50% fibo at 1.6221, a close above the 1.6377 ( 38.2%fib) hurdle  would further brighten the prospects for the pair.

• Technical signals are bullish as RSI is at 60, daily momentum studies  5,9 and 11 DMAs are trending up. 

• Immediate resistance is located at 1.6284( Daily high), any close above will push the pair towards 1.6377 ( 38.2%fib).

• Support is seen at 1.6221( 50%fib) and break below could take the pair towards 1.6081 ( 61.8%fib).

Recommendation: Good   buy   around 1.6250 with stop loss of 1.6150 and target price of 1.6330

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