FxWirePro: EUR/NZD edges lower, remains on back foot

• EUR/NZD edged lower  on Thursday    as investors looked ahead ‌to U.S. economic data for clues on the Federal Reserve's next policy moves.

• Markets had come under pressure in recent days as the escalation of the Iran ⁠war lifted oil prices and amplified concerns over persistent inflation, rising government debts and tighter monetary policy.

• Euro is  ​particularly exposed to higher oil prices due to the region's reliance on energy imports..

• The latest survey showed growth in the euro ​zone's dominant services industry slipped to a two-month low in August, though solid, broad-based demand kept overall private sector activity steady.

•Traders are ‌nearly certain ⁠the European Central Bank will raise borrowing costs to 2.5% at its policy meeting next week and deliver two additional quarter-point rate hikes by mid-2027.

• Immediate resistance is located at 1.9845(Higher BB), any close above will push the pair towards 1.9890(50%fib).

• Immediate support is seen at 1.9729(38.2% fib) and break below could take the pair towards 1.9640(SMA 20).

Recommendation: Good to sell  around 1.9780 with stop loss of 1.9850  and target price of 1.9700