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FxWirePro: EUR/NZD extends gains, faces 23.6% fib resistance

• EUR/NZD strengthened on Tuesday as hawkish  comments  from European Central Bank   supported euro. 

• ECB Chief Economist Philip Lane said a record-high rise in consumer prices risked triggering "inflation psychology," which involves behaviours perpetuating inflation.

• The pair is currently approaching resistance at 1.6649(23.6%fib). A break and daily close above will accelerate further gains towards 1.6750 level.

• 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 1.6649(23.6%fib), any close above will push the pair towards 1.6728 (Higher BB).

• Strong support is seen at 1.6576(14DMA) and break below could take the pair towards 1.6549 (21st June low ).

Recommendation: Good to buy around 1.6640 with stop loss of 1.6530 and target price of 1.6750

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