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FxWirePro: EUR/NZD reverses recent rally, bias back to downside

• EUR/NZD  trickled lower on Monday  as  demand for kiwi  dollar increased ahead of Reserve Bank of New Zealand    rate decision on Wednesday.

• Markets expect RBNZ  lift their cash rate by 50 basis points, though focus will also be on the tone of policymakers   .

• At GMT 18:30, the pair was trading down 0.48 percent  after hitting daily high at 1.7489.

• The pair failed to  breach resistance at 1.7521 ( 23.6% fib) and dipped towards 1.7150 level . A break under (61.8% fib) would unmask 1.6980 level in the short term. 

• Immediate resistance is located at 1.7212(50% fib), any close above will push the pair towards 1.7357 (38.2%fib).

• Immediate support is seen at 1.7076 (61.8% fib) and break below could take the pair towards 1.7014 (11DMA).

Recommendation: Good to sell   around 1.7160 , with stop loss of 1.7250 and target price of 1.7080.
 

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