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FxWirePro: EUR/NZD tight ranges prevail as market waits for fresh catalyst

• EUR/NZD retreated slightly towards  1.7700 on Wednesday as the cross pair failed to break resistance at 1.7735    .

• EUR/NZD   trade sideways  between 1.7735 and 1.7651 range

• A daily close above  23.6% fib  will further improve the technical outlook, and open the possibility of a rally towards 1.7850 level.

• Technical signals show   RSI is at 55 bullish , daily momentum studies 9, 10 and 11 DMAs are trending upwards.

• Immediate resistance is located at 1.7735 (23.6% fib), any close above will push the pair towards 1.7801(Higher BB).

• Immediate support is seen at 1.7649 (5DMA) and break below could take the pair towards 1.7615 (38.2% fib).

Recommendation: Good to buy on dips around 1.7690, with stop loss of 1.7600 and target price of 1.7790
 

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