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FxWirePro: EUR/NZD neutral in the near-term, scope for downward resumption

• EUR/NZD was little changed on Friday  as investors stayed on sidelines  ahead long weekend end

• Concluding a busy week for monetary policy, the Bank of Japan maintained its interest rates, as anticipated by the markets. However, Governor Kazuo Ueda dampened expectations for imminent rate hikes.

 • The technical outlook remains bearish and points to eventual bigger losses, Fourteen-day momentum is negative, reinforcing the scope for a bigger slump   

• Immediate resistance is located at 1.7969(50%fib), any close above will push the pair towards 1.8000(Psychological level)

• Support is seen at 1.7836(38.2%fib) and break below could take the pair towards 1.7724(Lower BB)

Recommendation: Good to sell around 1.7900, with stop loss of 1.8000 and target price of 1.9840

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