FxWirePro: EUR/NZD recovers some ground but outlook is bearish

•  EUR/NZD strengthened  on Friday  as  lower  commodity price and  as soured   risk sentiment  weighed on  kiwi dollar.

• Gold fell 1.8%, silver 4.8%, platinum 0.9%, and palladium 1.6%, with all four metals headed for weekly losses

• Europe’s reliance on Middle Eastern oil leaves it vulnerable as the Strait of Hormuz—handling about a fifth of global supply—remains largely shut, pushing crude prices higher.

•  Meanwhile, The ECB left rates unchanged on Thursday, but signaled that rate hikes could be considered in the coming months.

• Traders are currently pricing in two 25-basis-point rate hikes by year-end,  a far cry from the pre-war expectations of unchanged rates throughout the year.

• Immediate resistance is located at 1.9879 (Higher BB), any close above will push the pair towards 2.0000(Psychological level).

• Immediate support is seen at 1.9785 (38.2%fib) and break below could take the pair towards 1.9701 (March 20th low).

Recommendation: Good to sell  around 1.9900 with stop loss of 1.9980  and target price of 1.9820