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FxWirePro: EUR/NZD poised at critical support, looking vulnerable

• EUR/NZD   dipped on Tuesday  as the pair attracted sellers ahead of ECB meeting.

• The European Central Bank’s rate decision is up next on Thursday, with markets pricing in a 25 basis-point hike.

• The pair is currently approaching support at 38.2%fib. A break and daily close below will accelerate further down side towards 1.7450 level.

• Technical signals show the pair could lose  more ground in the short-term as RSI is at 48  bearish, daily momentum studies  5, 9 and 11 DMAs are trending  down.

• Immediate resistance is located at 1.7568 (5DMA), any close above will push the pair towards 1.7604(50%fib).

• Strong support is seen at 1.7512(38.2%fib) and break below could take the pair towards 1.7390 (23.6% fib )

Recommendation: Good to sell  around 1.7520 with stop loss of 1.7600 and target price of 1.7450

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