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FxWirePro: EUR/NZD attracts selling interest, risk of a plunge to test a key fibo grows

 • EUR/NZD declined on Tuesday as investors looked to more monetary policy hints from the United States.

• The pair traded down to 1.6995 and was around there into the US afternoon.

• The pairs bias is lower, scope grows for bigger losses, a break and  daily close under   1.6951 50%fib would the   weaken the pair outlook further.

• Technical signals are bearish as RSI is turning lower, daily momentum studies  5 and 9   DMAs are trending down.

• Immediate resistance is located at 1.7020 (38.2%fib ), any close above will push the pair towards 1.7104(23.6%fib).

• Strong support is seen at 1.6986 (Daily low) and break below could take the pair towards 1.6953 (50%fib).

Recommendation: Good to sell   around 1.7000, with stop loss of 1.7110 and target price of 1.6920.


 

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