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FxWirePro: EUR/NZD runs out of steam but maintains bullish outlook

 • EUR/NZD  eased slightly on Thursday as investors  awaited  U.S. nonfarm payrolls report  due on Friday.

• U.S. nonfarm payrolls report  for July is due for release on Friday which could help guide expectations for additional interest rate hikes by   the Federal Reserve.

• A rally towards is   possible if  EUR/NZD bulls overcome resistance at 23.6%fib.

• From a technical viewpoint, RSI  is strongly bullish at 57, daily momentum studies, 5, 10 and 21 daily  MAs all climb.

• Immediate resistance is located at 1.8044(23.6%fib), any close above will push the pair towards 1.8091 (Higher BB).

• Immediate support is seen at 1.7924 (38.2% fib) and break below could take the pair towards 1.7877(9DMA).

Recommendation: Good to buy on dips around 1.7980, with stop loss of 1.7880 and target price of 1.8080.
 

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