EUR/NZD steadies around 2.0150 on Wednesday as hopes of an eventual de-escalation in the Iran conflict eased stagflation fears and improved risk sentiment.
· US President Trump and Iranian officials continued to release statements aiming at de-escalation, although neither side welcomed respective conditions for a ceasefires.
· The war is in its fifth week and the White House is under pressure to de-escalate amid rising gasoline prices.
· Trump is expected to provide an update on Iran in an address to the nation at 9 p.m. ET on Wednesday (0100 GMT Thursday).
• On the data front, A PMI survey showed euro zone manufacturing growth bounced to its strongest in nearly four years in March as supply chain disruptions inflated growth figures.
• Immediate resistance is located at 2.0235 (23.6%fib), any close above will push the pair towards 2.0285 (Higher BB).
• Immediate support is seen at 2.0099 (38.2%fib) and break below could take the pair towards 1.9985(50%fib).
Recommendation: Good to buy around 2.0140 with stop loss of 2.0070 and target price of 2.0220
