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FxWirePro: EUR/NZD loses momentum but bullish setup remains

• EUR/NZD   traded in tight range on Wednesday as investors also look for fresh cues about progress in trade talks between the Eurozone and the US.

• The European Central Bank (ECB) stated that the strong credit and stock markets seem "out of sync" with the current global environment marked by increased geopolitical tensions and trade uncertainties.

• The upcoming release of Eurozone HCOB PMI data on Thursday will be closely scrutinized for indications of underlying economic momentum across key sectors.

•  Technical signals are bearish as RSI is heading down  at 52, daily momentum studies  5, 9 and 11 DMAs are trending up. 

• Immediate resistance is located at 1.9130(38.2%fib), any close above will push the pair towards 1.9179(Higher BB)

• Strong support is seen at 1.8940 (50%fib ) and break below could take the pair towards 1.8875(Lower BB).

Recommendation: Good to buy   around 1.9040, with stop loss of 1.8900  and target price of 1.9130.
 

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