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FxWirePro: EUR/NZD under pressure after early buying dries up

• The EUR/NZD initially rose on Tuesday but   retreated after data showed a decline in Eurozone inflation last month.

• Consumer inflation in the 20 countries using the euro currency slowed to 2.5% in June, down from 2.6% the previous month, aligning with economists' expectations.

• This closely watched core inflation figure held steady at 2.9%, coming above expectations for 2.8%, mostly on a continued 4.1% rise in services prices.

• From a technical viewpoint, RSI  is turning lower , daily momentum studies, 5, 10 and 11 daily  are flat.

• Immediate resistance is located at 1.7689 (38.2%fib), any close above will push the pair towards 1.7775(23.6%fib).

• Immediate support is seen at 1.7626(50%fib) and break below could take the pair towards 1.7756 (61.8%fib).

Recommendation: Good to sell  around 1.7680, with stop loss of 1.7750  and target price of 1.7600
 

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