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FxWirePro: EUR/NZD set for bigger drop, but close below key fibo needed

• EUR/NZD declined  on Wednesday as euro was weighed down against the New Zealand as market expects ECB to remain dovish  on Thursday.

• The European Central Bank is all but certain to keep policy unchanged on Thursday and push back against growing expectations for an interest rate hike next year.

• EUR/ NZD fell to  close to the 23.6% fib. A break under 23.6% fib would unmask 1.6100 level in the short term.

•Technical signals are bearish as RSI is at 32, daily momentum studies  5, 9 and 10 DMAs are trending down. 

• Strong resistance is located at 1.6226( 9DMA), any close above will push the pair towards 1.6270 (38.2%fib)

• Immediate support is   at 1.6156 (23.6% fib)   and break below could take the pair towards 1.6100 (Psychological level).

Recommendation: Good to sell around 1.6200  with stop loss of 1.6300  and target price of 1.6100

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