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FxWirePro: EUR/NZD eyes fibo resistance after rallying off from 1.5705

• EUR/NZD strengthened on Wednesday as euro attracted buyers ahead Of ECB Meeting.

•Euro zone inflation came in at 7.5% in March, with a peak still seen months away , thus investors will scrutinize Thursday's ECB meeting for hints of more deliberate policy normalization policy.

• The pair is currently approaching resistance at 1.6095 (50%fib). A break and daily close above will accelerate further gains towards 1.6200 level.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 51 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

• Immediate resistance is located at 1.6095 (50%fib), any close above will push the pair towards 1.6140(Higher BB).

• Strong support is seen at 1.5911(38.2%fib) and break below could take the pair towards 1.5697(23.6% fib )

Recommendation: Good to buy around 1.6000 with stop loss of 1.5800 and target price of 1.6140

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