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FxWirePro: EUR/NZD positions for another climb, eyes 1.7850 level

• EUR/NZD strengthened on Thursday as  kiwi dollar attracted sellers following softer than expected Q1 NZ CPI.

•The consumer price index (CPI) rose 6.7% year-on-year in the first quarter, in line with the increase in the fourth quarter. The softer than expected CPI isn't expected to deter RBNZ from hiking in May.

• Pair traded in a quiet 1.7823/1.7642  range and was last trading at 1.7759 in late  US trading.  .  

• Technical signals are bullish as RSI is at 67, daily momentum studies  10,11 and 14 DMAs are trending up.

•  Immediate resistance is located at 1.7823 ( 23.6%fib), any close above will push the pair towards 1.7868(Higher BB)

• Support is seen at 1.7700(5DMA ) and break below could take the pair towards 1.7641 (38.2%fib).

Recommendation: Good to buy   around 1.7750, with stop loss of 1.7670 and target price of 1.7850

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