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FxWirePro: EUR/NZD downside pressure builds, key support level in focus

• EUR/NZD declined   on Thursday  as kiwi dollar  continued to be buoyed by unexpected strong New Zealand employment data  .

• Commodity gains and a rebound in stocks from their lows have also contributed to the buoyancy of the kiwi dollar.

• The pair  picked up  downside momentum and is approaching 50 % fib support. A close below will open  up  1.8000 level.

•   Immediate resistance is located at 1.8288(38.2 %fib), any close above will push the pair towards 1.8464(23.6%fib).

• Strong support is seen at 1.8080(Aug 1st low) and break below could take the pair towards 1.7998 ( 50%fib).

Recommendation: Good to sell around 1.8200, with stop loss of 1.8300 and target price of 1.8100

 

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