FxWirePro: EUR/ NZD slips lower, set to stay on back foot

• EUR/ NZD slipped  lower on Wednesday   as kiwi dollar firmed as risk sentiment improved investors assessed Middle East developments.

• Sentiment stabilized after the New York Times reported Iranian intelligence operatives signaled openness to talks with the U.S. Central Intelligence Agency on ending the war.

• However, Iran’s ambassador to the United Nations in Geneva on Tuesday said Iran has not contacted the United States about peace talks and ruled out negotiations for now.

• On the data front, Eurozone services activity expanded slightly faster in February as demand improved, though growth remained modest and hiring stayed weak, according to a survey released on Wednesday.

• The S&P Global HCOB Eurozone Services PMI rose to 51.9 in February from 51.6 in January, slightly above the flash estimate of 51.8.

• Immediate resistance is located at 1.9740(38.2%fib), any close above will push the pair towards 1.9745(Higher BB).

• Immediate support is seen at 1.9577(Lower BB) and break below could take the pair towards 1.9509(23.6%fib).

 Recommendation: Good to sell around 1.9600 with stop loss of 1.9680 and target price of 1.9550