FxWirePro : EUR/NZD gains upside momentum but still bearish

•  EUR/NZD edged higher on Wednesday as optimism over a potential U.S.-Iran deal to reopen the Strait of Hormuz.

•U.S. President Donald Trump said that the U.S. and Iran were having "very good discussions", fuelling hopesof an end to the five-month conflict that has severely disrupted energy supplies from the Middle East.

• Brent crude fell to around $78 a barrel on Wednesday, its lowest in more than three weeks, as optimism over a potential deal grew.

• The ECB became the first major central bank to raise rates in June after the war began, but paused in July to assess the impact of higher energy prices.

• Policymakers are monitoring whether higher energy costs spill over into wages and broader prices, making inflation more persistent.

•   Immediate resistance is located at 1.9642(SMA 20), any close above will push the pair towards 1.9742(38.2% fib).

• Support is seen at 1.9487(Lower BB) and break below could take the pair towards 1.9447 (23.6% fib )

Recommendation: Good to sell around 1.9640 with stop loss of 1.9700  and target price of 1.9570