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FxWirePro: EUR/NZD neutral in the near-term, scope for downward resumption

• EUR/NZD declined   on Monday as higher oil prices and reduced China data   growth concerns   boosted New Zealand dollar across the board.

• Oil prices rose on Monday on optimism that China would see significant demand recovery after positive signs that the country's coronavirus pandemic was receding

• The pair  picked up  downside momentum and is approaching 1.6510 (50% fib). A close below will opens up 1.6369 ( 61.8%fib).

•   Immediate resistance is located at 1.6587( 5DMA), any close above will push the pair towards 1.6647(38.2%fib).

• Strong support is seen at 1.6510 (50% fib) and break below could take the pair towards 1.6369 ( 61.8%fib).

Recommendation: Good to sell around 1.6550, with stop loss of 1.6670 and target price of 1.6380

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