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FxWirePro: EUR/NZD recovers from early losses, now targets key fibo resistance

• EUR/NZD rebounded from an earlier decline on Friday as the euro regained its recent losses due to short-covering

• The euro has eased earlier on Friday after U.S. President-elect Donald Trump urged the EU to purchase U.S. oil and gas to reduce its trade deficit or face tariffs.

• On the data front, U.S. consumer spending increased in November, underscoring the economy's resilience.

• From a technical viewpoint, RSI  is bullish at 63, daily momentum studies, 5, 10 and 11 daily  MAs are pointing up .

• Immediate resistance is located at 1.8483(23.6%fib), any close above will push the pair towards 1.8526 (Higher BB).

• Immediate support is seen at 1.8344(38.2%fib) and break below could take the pair towards 1.8252(50%fib).

Recommendation: Good to buy   around 1.8400, with stop loss of 1.8250  and target price of 1.8500
 

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