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FxWirePro:EUR/NZD dips after U.S. inflation slows,poised for further downside

• EUR/NZD declined on Wednesday   after RBNZ signalleds policy on hold while U.S. consumer prices rose modestly in June.

• Selling pressure will remain in the short-term, only a move above 1.6848(50%fib) strong resistance  will shift the bias higher.

• Today’s drop has put EUR/NZD back below 5DMA and has put the 50%fib  support   back in play

• Immediate resistance is located at 1.7632 (5DMA), any close above will push the pair towards 1.7813(38.2%fib).

• Immediate support is seen at 1.7639 (5DMA) and break below could take the pair towards 1.7490(July 6th low).

Recommendation: Good to sell round 1.7670, with stop loss of 1.7780 and target price of 1.7600

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