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FxWirePro: EUR/NZD recovery facing a steep rock, likely to falter

• EUR/NZD  initially strengthen  on Monday but gave up ground  as investors were  cautious   ahead of the French general elections on 30 June and 7 July. 

• Investors are closely monitoring polls ahead of the French election to position for various potential outcomes.

• On the data front, German business morale unexpectedly fell in June due to more pessimistic expectations of Europe's largest economy, according to a survey.  

• Technical are bearish, daily RSI is negative at 43, daily momentum studies  21 and 30 DMAs are trending down. 

• Immediate resistance is located at 1.7546 (38.2% fib), any close above will push the pair towards 1.7635 (50% fib).

• Strong support is seen at 1.7444 (23.6% fib)and break below could take the pair towards 1.7380 (Lower BB).

Recommendation: Good to sell on  around 1.7530, with stop loss of 1.7650, and target price of 1.7450
 

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