FxWirePro: EUR/NZD caught in narrow range, bias bullish

•    EUR/NZD edged lower on Wednesday as risk sentiment improved as the U.S. House of Representatives prepared to vote on a temporary government funding bill.

•  Investors were awaiting a Wednesday evening vote in the Republican-controlled House of Representatives to restore funding to government agencies and end the 43-day shutdown.

• The Senate voted on Monday to end the longest-ever U.S. government closure, which disrupted food benefits for millions, left hundreds of thousands of federal workers unpaid, snarled air traffic, and paused crucial economic data releases.

• ECB’s Isabel Schnabel said Wednesday that euro zone inflation is unlikely to drop excessively and may instead trend above expectations, though the bank can accept slight departures from its target.

• German inflation slowed slightly in October to 2.3%, the federal statistics office said on Wednesday, confirming preliminary data.

• Immediate resistance is located at 2.0623 (23.6%fib), any close above will push the pair towards 2.0708(Higher BB).

•  Immediate support is seen at 2.0382 (38.2% fib) and break below could take the pair towards 2.0305(SMA 20).

Recommendation: Good to buy on dips around 2.0410 with stop loss of 2.0350 and target price of 2.0650