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FxWirePro: EUR/NZD dips below lower range, bearish bias increases

• EUR/NZD declined  on Thursday   as hawkish outlook for New Zealand rates  boosted kiwi dollar against euro.

• The New Zealand dollar has been   best performing G10 currency overnight following the RBNZ’s hawkish policy update as RBNZ delivered a larger 75bps rate hike.

• A close below 1.6516(38.2%fib), would add to pairs bearish structure, opening the way towards 1.6400 level.

• Technical signals are bearish as RSI is heading down  at 34, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Strong resistance is located at 1.6718 (50%fib), any close above will push the pair towards 1.6810(11DMA).

• Strong  support is seen at 1.6583 (Daily low)and break below could take the pair towards 1.6516(38.2%fib).

Recommendation: Good to sell  around 1.6620, with stop loss of 1.6720 and target price of 1.6530.
 

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