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FxWirePro: EUR/ NZD dips as China PMI supports kiwi dollar

• EUR/NZD declined on Wednesday as stronger than expected China official and Caixin PMI underpinned  kiwi dollar.

• China's official manufacturing purchasing managers' index (PMI) rose to 52.6 last month from 50.1 in January.

• The pair currently is approaching support at 1.6341(38.2% fib. A break under 1.7470 would unmask 1.7200 level in the short term.

• Technical signals are bearish as RSI is turning lower, daily momentum studies  5, 9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.7086 ( 5DMA), any close above will push the pair towards 1.7134  (38.2% fib)

• Support is seen at 1.6995(50% fib ) and break below could take the pair towards 1.6934 (Feb 15th low).

  Recommendation: Good to sell   around 1.7070 , with stop loss of 1.7150 and target price of 1.6980
 

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