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FxWirePro :EUR/NZD getting back on track for a run toward 1.7900 level

• EUR/NZD  steadied around 1.7800 On Wednesday as the euro showed some strength despite mixed business activity data in the Eurozone.

• The European Central Bank (ECB) meets on Thursday and is expected to hold monetary policy steady.

•EUR/NZD has seen a 1.7740 -1.7838 range on Wednesday .It was last trading up 0.02 at 1.7801.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 61 bullish, daily momentum studies  5, 10 and 21 DMAs are trending  up. 

•  Immediate resistance is located at 1.7834(38.2%fib ), any close above will push the pair towards 1.7947(23.6%fib).

• Strong support is seen at 1.7758 (50% fib) and break below could take the pair towards 1.7663 (61.8% fib ).

Recommendation: Good to buy around 1.7800  , with stop loss of 1.7700  and target price of 1.7900
 

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