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FxWirePro:EUR/NZD set for bigger drop, but close below key fibo is needed

• EUR/NZD dipped on Monday as delays in vaccine rollouts and forced lock-downs in many European capitals weighed on the pair.

•EUR/NZD recovery from   1.6755   was rejected earlier today by the 14-day moving average. EUR/NZD is in danger of crashing under major fibo support.

• Technical signals  favours  bearish sentiment, RSI is at 49 and pair trades below 5,9  & 11-DMAs.

• Resistance is located at 1.6755 (14DMA)  and at 1.6802 (50%fib).

• Support is found at 1.6690(38.2%fib) and at 1.6600 (Psychological level).

Recommendation: Good to sell around 1.6730, with stop loss of 1.6840 and target price of 1.6650
 

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