FxWirePro: EUR/ NZD recovers some ground but bears are not done yet

• EUR/ NZD  edged higher as   ongoing geopolitical tensions drove risk-off which weighed on riskier assets like kiwi dollar.

• Geopolitical  concerns resurfaced after Iran seized two ships in the Strait on Wednesday, raising doubts about whether the fragile U.S. ceasefire that recently supported markets can hold.

• U.S. President Donald Trump said he would extend the Iran ceasefire indefinitely, even as Tehran's seizure of two ships in the Strait of Hormuz kept investors ​cautious...

• On the economic front, business activity in the euro zone suffered a surprise contraction in April with the Iran war sapping demand as prices ​soared...

 • The S&P Global Flash Eurozone Composite Purchasing Managers' Index fell to 48.6 in April from March's 50.7, far below expectations   for ​a more modest dip to 50.1..

• Immediate resistance is located at  1.9974 (Daily hgh), any close above will push the pair towards 2.0063 (50%fib).

• Immediate support is seen at 1.9823 (50%fib) and break below could take the pair towards 1.9776(Lower BB).

 Recommendation: Good to sell around 2.0000 with stop loss of 2.0120 and target price of 1.9920