FxWirePro: EUR/NZD strongly bearish despite upside attempts

• EUR/NZD  gained modestly on Thursday  as weakness in   commodities prices weighed on risk sentiment

• Investor focus has shifted to Friday’s U.S. CPI report, with inflation expected at 2.5% year-on-year. 

• The data will be crucial in shaping near-term policy expectations for the Federal Reserve, particularly regarding the timing and pace of potential interest rate adjustments.

• In Europe, flash Q4 employment and GDP figures are also due, with forecasts pointing to modest growth of 0.1% quarter-on-quarter in employment and 0.3% in economic output. 

• These releases will offer insight into the strength of the Eurozone economy and its resilience amid global uncertainty

• Immediate resistance is located at 1.9780 (SMA20), any close above will push the pair towards 1.9827(38.2%fib).

• Strong support is seen at 1.9544 (23.6%fib) and break below could take the pair towards 1.9376(Lower BB).

Recommendation: Good to sell   around 1.9700, with stop loss of 1.9780 and target price of 1.9590