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FxWirePro:EUR/NZD attracts selling interest, vulnerable to more downside

• EUR/NZD dipped on Tuesday as delays in vaccine rollouts, down beat EU GDP data and forced lock-downs in many European capitals weighed on the pair.

• EUR/NZD initially rally stalls after finding resistence at 38.2% fib. Support at 1.6543 (Lower BB) is now threatened.

• The ECB meets on Thursday and is widely   expected to keep policy on hold. ECB President Lagarde will also unveil quarterly economic forecasts at her press conference

• Technical signals  favours  bearish sentiment, RSI is at 44 and pair trades below 5,9  & 11-DMAs.

• Resistance is located at 1.6667 ( 38.2%fib) and at 1.6806 (50%fib).

• Support is found at 1.6543 (Lower BB) and at 1.6511 (23.6% fib).

Recommendation: Good to sell around 1.6600, with stop loss of 1.6700 and target price of 1.6520


 

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