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FxWirePro: EUR/NZD uptrend stalled, progress needed soon to sustain

• EUR/NZD initially gained on Friday as but gave up some ground after weak German retail sales data.

• German retail sales fell more than expected in November, decreasing by 2.5% compared with the previous month, data showed on Friday.

• EUR/NZD fell to 1.7513 after hitting daily high at 1.7607.  Price is contained between two fibo retrace levels  1.7509 and 1.7607

• Technical signals are mixed as RSI is turning down, momentum studies, 5 and 9 DMAs are trending up. 

•  Immediate resistance is located at 1.7607 ( 38.2%fib), any close above will push the pair towards 1.7678(Higher BB)

• Strong support is seen at 1.7513(38.2 %fib ) and break below could take the pair towards 1.7319(23.6%fib).

Recommendation: Good to buy on dips around 1.7520  with stop loss of 1.7400  and target price of 1.7600  
 

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