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FxWirePro: EUR/NZD pauses rally but maintains a bullish outlook

• EUR/NZD eased slightly  on Wednesday but remained near recent high as investors  focus now shifted to the European Central Bank's upcoming rate decision.

• ECB will likely keep policy rates on hold and maintain current guidance, providing no signal for a rate cut in September.

• On the data front,  eurozone's annual consumer inflation rate eased to 2.5% in June, down from 2.6% in May.

• Technical highlight upside risks for EUR/NZD , with momentum studies, 5, 10 and 21 DMAs tracking north.

• Immediate resistance is located at 1.8046(23.6%fb), any close above will push the pair towards 1.8100 (Higher BB).

• Immediate support is seen at 1.7928 (38.2%fb)and break below could take the pair towards 1.7833 (50%fb).

Recommendation: Good to buy on dips around 1.7970, with stop loss of 1.7900 and target price of 1.8060

 

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