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FxWirePro: EUR/NZD consolidating around 1.6680,bias is bearish

• EUR/NZD   recovered some ground from initial decline on Tuesday as investors cut short  positions  before a European Central Bank meeting this week.

• The ECB is seen debating a cut in stimulus at its meeting on Thursday.EUR/NZD   recovers towards  1.6680 and holds near the day's high.

• Bulls will need a clear 1.6772 (50% fib) to take greater control, failure to break higher will spur fresh downward momentum.

• Technical signals highlight bearish trend as daily  RSI  is trending lower, with moving averages in bearish alignment.

• Immediate resistance is located at 1.6700 ( 38.2%fib), any close above will push the pair towards 1.6772 (50% fib).

• Immediate support is seen at 1.6652 (5DMA) and break below could take the pair towards 1.6604  (23.6% fib).

 Recommendation: Good to sell around 1.6680, with stop loss of 1.6740 and target price of 1.6600.

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