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FxWirePro: EUR/NZD extends drop, plunge to test a key fibo grows

• EUR/NZD  declined on Wednesday after New Zealand dollar rose  higher  after  strong jobs data.

• New Zealand jobless rate fell sharply in Q2, cemented rate hike expectations. Markets price in a 100% chance of 25 bps hike to 0.5% in August.

• EUR/ NZD fell to 1.6745  close to the 38.2% fib. A break under 38.2% fib would unmask 1.6670 level in the short term.

• Technical signals are bearish as RSI is at 42, daily momentum studies  5, 9 and 10 DMAs are trending down. 

• Strong resistance is located at 1.6792( 38.2%fib), any close above will push the pair towards 1.6849(61.8%fib)

• Immediate support is   at 1.6739 (38.2% fib) and break below could take the pair towards 1.6672(23.6%fib).

Recommendation: Good to sell around 1.6790  , with stop loss of 1.6850  and target price of 1.6690

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