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

• EUR/NZD rose  on Friday as kiwi dollar continued to slip lower after NZ manufacturing PMI declined for 12th straight month.

• A survey released on Friday revealed that New Zealand's industrial activity continued to decline for the twelfth consecutive month.

• A rally towards is   1.8000 possible if  EUR/NZD bulls overcome resistance at 23.6%fib.

• From a technical viewpoint, RSI  is strongly bullish at 57, daily momentum studies, 5, 10 and 21 daily  MAs all climb.

• Immediate resistance is located at 1.7923(23.6%fib), any close above will push the pair towards 1.7990 (Higher BB).

• Immediate support is seen at 1.7807 (38.2% fib) and break below could take the pair towards 1.7709(50% fib).

Recommendation: Good to buy on dips around 1.7860, with stop loss of 1.7750 and target price of 1.7930.
 

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