• EUR/NZD edged higher on Tuesday as investors weighed rising oil price concerns against hopes for a resolution to the U.S.–Israel conflict.
• Ongoing conflict and disruptions to about 20% of global oil and LNG shipments via the Strait of Hormuz are keeping prices elevated..
• On the data front,Eurozone business activity fell to its lowest in nearly a year in March, as fears over the Iran war and rising energy prices weighed on growth and inflation expectations.
• S&P Global’s flash Eurozone PMI showed overall manufacturing and services activity slipping from 51.9 in February to 50.5 in March..
• Immediate resistance is located at 1.9724(Daily high), any close above will push the pair towards 1.9822(38.2%fib).
• Immediate support is seen at 1.9567(23.6%fib) and break below could take the pair towards 1.9536(Lower BB).
Recommendation: Good to buy around 1.9880 with stop loss of 1.9800 and target price of 1.9960
