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FxWirePro: EUR/NZD positions for another drop, eyes 1.6500 level

• EUR/NZD declined on Tuesday as kiwi dollar strengthened as investors awaited this week's RBNZ policy meeting.

• The Reserve Bank of New Zealand (RBNZ) decides policy on Wednesday, with markets priced for a quarter point increase to interest rates.

• The 23.6% fib   is key support, a daily close below would   extended losses towards 1.6518 (Lower BB)

• Technical highlight downside risks,daily  RSIs is falling, momentum averages are trending down. 

• Immediate resistance is located at 1.6696 ( 14DMA), any close above will push the pair towards 1.6723 (38.2%fib)

• Strong support is  at 1.6626(23.6%fib ) and break below could take the pair towards 1.6518 (Lower BB).

Recommendation: Good  to sell around 1.6660 with stop loss of 1.6730 and target price of 1.6500
 

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