• EUR/NZD edged lower but downside was limited as investors awaited euro zone GDP data.
• On Friday, the euro area will release GDP data, with growth expected at 0.4% quarter-on-quarter and 1.0% year-on-year, providing fresh insight into economic momentum.
• Money markets are pricing in an 87% probability that the European Central Bank will raise interest rates by 25 basis points at its September meeting..
• Geopolitical tensions remained subdued as Iran reaffirmed control over the Strait of Hormuz and said it remains closed, echoing Trump’s claims.
• Immediate resistance is located at 1.9743(38.2% fib), any close above will push the pair towards 1.9816(Higher BB).
• Support is seen at 1.9643(SMA 20) and break below could take the pair towards 1.9471 (23.6% fib )
Recommendation: Good to sell around 1.9710 with stop loss of 1.9800 and target price of 1.9650
