FxWirePro: EUR/NZD extends losses as Euro struggles

• EUR/NZD edged lower on Tuesday as the euro came under pressure from rising bearish sentiment following the EU-U.S. trade framework agreed over the weekend.

• The U.S. and European Union signed an agreement earlier this week to reduce U.S. tariffs to 15%, concluding weeks of negotiations.

• Several European Union leaders voiced strong criticism of the recently concluded trade agreement with the United States.

• Attention turns to euro zone and U.S. Q2 GDP data on Wednesday, followed by the Fed’s rate decision and Friday’s U.S. jobs report.

• Technicals are favouring bearish sentiment as RSI is at 47 and the pair is trading below  5,9 SMAs.

• Immediate resistance is located at 1.9495( SMA 20), any close above will push the pair towards 1.9644(38.2% fib)

• Support is seen at 1.9371(50% fib) and break below could take the pair towards 1.9313(Lower BB).

Recommendation: Good to sell around 1.9400, with stop loss of 1.9480 and target price of 1.9320