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FxWirePro:EUR/NZD repeatedly capped By A key fibo,bears set to regain control

• EUR/NZD initially gained on Wednesday but gave up most of the ground as higher commodity prices and an upbeat survey on China's services sector data boosted kiwi dollar.

• The kiwi dollar was also helped by a solid rise in prices at the latest global dairy auction.

• The pair is holding near today's high, but repeated failures to push above 1.8076 (23.6%fib) is discouraging longs.

• Immediate resistance is located at 1.8076 (23.6%fib), any close above will push the pair towards 1.8099 (March 28th high).

• Immediate support is seen at 1.8007 (EMA 9) and break below could take the pair towards 1.7951(38.2%fib).

Recommendation: Good to sell round 1.8040, with stop loss of 1.8150 and target price of 1.7940

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