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FxWirePro: EUR/NZD remains under pressure as key support gives way

• EUR/NZD dipped slightly  as   caution remained amid uncertainty over the U.S.-Iran ceasefire.

• The truce appeared fragile, as Iran targeted Gulf oil facilities while Israel launched its largest attacks yet on Lebanon.

• The five-week war has  rattled investor confidence, causing the biggest-ever disruption to global oil and gas supply.

• The fragile truce has increased Iran’s control over shipping through the Strait of Hormuz compared to pre-war levels.

• Immediate resistance is located at 2.0081(50%fib), any close above will push the pair towards 2.0295(38.2fib).

• Immediate support is seen at 1.9963 (SMA 20) and break below could take the pair towards 1.9845 (61.8%fib).

Recommendation: Good to sell  around 2.0030 with stop loss of 2.0130 and target price of 1.9950
 

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