• EUR/ NZD slipped lower as markets reacted to the breakdown in U.S.-Iran peace talks over the weekend.
• Oil prices surged sharply, with WTI jumping 8.8% after the U.S. announced a blockade of the Strait of Hormuz, a key global energy chokepoint.
• The spike in energy prices intensified inflation concerns and added pressure on global growth expectations.
• Commodities and equities rebounded, with gold, silver, and global equity indices recovering part of their earlier losses as investors reassessed the immediate escalation risks.
• Immediate resistance is located at 2.0113(50%fib), any close above will push the pair towards 2.0307(Higher BB).
• Immediate support is seen at 2.0016 (SMA 20) and break below could take the pair towards 1.9875(38.2%fib).
Recommendation: Good to sell around 2.0050 with stop loss of 2.0120and target price of 1.9950
