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FxWirePro: EUR/NZD pauses decline,critical support lies ahead

• EUR/NZD dipped on Wednesday as weaker US CPI data and higher commodities prices  helped lift kiwi dollar across the board.

• The pair dipped towards 1.6700 level, slide stopped after finding support at 1.6685 (38.2%fib ).

• EUR/NZD remains bullish, only a break and daily close above 1.9644 (61.8% fib) will shift bias to the upside.

• Technical are bullish, daily RSI is positive at 56, daily momentum studies  9 and 10 DMAs are trending north. 

• Immediate resistance is located at 1.6790 (Higher BB ), any close above will push the pair towards 1.6824(23.6%fib).

• Strong support is seen at 1.6688(38.2%fib) and break below could take the pair towards 1.6657 (21DMA)

Recommendation: Good to buy   around 1.6700, with stop loss of 1.6600, and target price of 1.6760
 

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