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FxWirePro: EUR/NZD slide lower shifts pressure to the downside

• EUR/NZD declined   on Friday   as higher oil prices and   improved risk sentiment following China’s rate cut boosted kiwi dollar.

• Oil prices gained slightly  as the European Union's planned  ban on Russian oil and China's easing of COVID19 lockdowns offset fears that slowing economic growth will hurt demand

• The pair  picked up  downside momentum and is approaching 1.6439 (21DMA). A close below will opens up 1.6300 level.

•   Immediate resistance is located at 1.6492( 50%fib), any close above will push the pair towards 1.6600(Daily high).

• Strong support is seen at 1.6439 (21DMA) and break below could take the pair towards 1.6377 ( May 6th low).

Recommendation: Good to sell around 1.6440, with stop loss of 1.6650 and target price of 1.6350

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