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FxWirePro: EUR/NZD eyes fibo resistance after rallying off from 1.7105

•EUR/NZD initially  gained on Monday but fell   on risk of sentiment and hawkish shift in Fed expectations .

•The fundamental focus is on Fed Chair Jerome Powell's appearance on Tuesday after the Fed downshifted to a 25bp rate hike last week before Friday's data shocks..

• A rally towards is  1.7200  possible if  EUR/NZD bulls overcome resistance at 1.7105 (23.6%fib).

• 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 1.7105(23.6%fib), any close above will push the pair towards 1.7153 (Higher BB).

• Strong support is seen at 1.6957(5DMA) and break below could take the pair towards 1.6937 (38.2% fib )

Recommendation: Good to buy around 1.7010 with stop loss of 1.6860 and target price of 1.7160

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