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FxWirePro: EUR/NZD propelled towards 1.6665 by upbeat German Ifo index, good to buy on dips

• EUR/NZD strengthened on Monday   euro was supported after data showed German business morale rose more than expected in December.

• German IFO expectations rose to 83.2 in December , beating  82.0 forecast and prior 80.0.

• EUR/NZD   jumps to 1.6694 after the data , consolidation is likely to to continue towards 1.6750 level.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 54 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

• Immediate resistance is located at 1.6694 (Daily high), any close above will push the pair towards 1.6785(Higher BB).

• Strong support is seen at 1.6597(5DMA) and break below could take the pair towards 1.6562(50%fib )

Recommendation: Good to buy around 1.6650, with stop loss of 1.6550and target price of 1.6720

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