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FxWirePro: EUR/NZD uptrend gains momentum but hurdles ahead

• EUR/NZD strengthened  on Thursday  as  investors assessed ECB’s rate cut prospects.

•   Two key policymakers on Thursday emphasized that the ECB requires further evidence of inflation moving towards its 2% target before considering interest rate cuts .

• The ECB has held rates constant at a record high since September, but weakening growth and easing price pressures are fueling discussion of rate cuts .

• A close above 23.6%fib resistence , should trigger a new bullish phase with potential for 1.7800

•  From a technical viewpoint, RSI  is strongly bearish at 45, daily momentum studies, 5, 10 and 11 daily  MAs are pointing lower.

• Immediate resistance is located at 1.7735 (23.6%fib), any close above will push the pair towards 1.7760(Feb 6th high).

•  Immediate support is seen at 1.7763(38.2%fib) and break below could take the pair towards 1.7610(50%fib).

Recommendation: Good to buy  around 1.7670 , with stop loss of 1.7600 and target price of 1.7750

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