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

• EUR/NZD dipped  on Friday  as a slew of mixed Eurozone economic  data kept bearish pressure  on euro.

• German  Gross domestic product slid 0.3 percent sequentially after stagnating in the third quarter, according to revised data from Destatis

• In February, the headline German IFO business climate index rose to 85.5 from January's reading of 85.2.

• EUR/NZD dipped to hit daily low at 1.7448  . Sustained break below 23.6 % fib support will push the pair towards 1.7350 level  

• Strong resistance is located at 1.7511 (Daily high), any close above will push the pair towards 1.7559(38.2 % fib).

• Strong  support is seen at 1.7349(23.6 % fib) and break below could take the pair towards 1.7387 (Lower BB).

Recommendation: Good to sell  around 1.7450 , with stop loss of 1.7570  and target price of 1.7380 
 

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