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FxWirePro: EUR/NZD outlook weaker on renewed downside pressure

• EUR/NZD declined on Tuesday as grim Eurozone outlook  continued weigh  on the pair.

• Concerns that Europe could fall into a recession have increased since the biggest single pipeline carrying Russian gas to Germany.

• Technical signals are bearish as RSI is at 36, daily momentum studies 5, 11 and 21 DMAs are trending down.

• Immediate resistance is located at 1.6415(38.2%fib ), any close above will push the pair towards 1.6453 (5DMA).

• Strong support is seen at 1.6364 (Lower BB) and break below could take the pair towards 1.6304 (23.6%fib).

 Recommendation: Good to sell on rallies around 1.6400 with stop loss of 1.6500 and target price of 1.6310.

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