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FxWirePro: EUR/NZD reverses recent rally, bias back to downside


• EUR/NZD  eased  on Thursday as euro was weighed down  by dovish remarks from ECB officials.

• European Central Bank policymaker Francois Villeroy de Galhau and Greek central bank chief Yannis Stournaras argued in favor of another interest rate cut next week..

• EUR/AUD chart has taken a turn for the worse after Today’s  drop.Overall risk growing for a bigger drop towards 1.7900.

• Immediate resistance is located at 1.8046(50%fib), any close above will push the pair towards 1.8108 (Higher BB).

• Immediate support is seen at 1.7916 (38.2% fib) and break below could take the pair towards 1.7747(23.6% fib).

Recommendation: Good to sell around 1.7960, with stop loss of 1.8000 and target price of 1.7900

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