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FxWirePro:EUR/NZD uptrend falters, leaving 1.6806 as key support

• EUR/NZD initially gained on Monday but gave up most of the ground  as uncertainty over the global economic growth outlook due to resurgent Delta COVID variant weighed on euro.

• Euro was also hit after an Ifo institute survey showed business morale fell unexpectedly in July on continuing supply chain worries.

• At GMT 19:54, the pair was trading up 0.04 percent   at  1.6865 after reaching daily high at 1.6943.

•  Technical signals are bearish as RSI is heading down  at 46, daily momentum studies  11, 14 and 21 DMAs are trending down. 

•  Immediate resistance is located at 1.6881 ( 38.2%fib), any close above will push the pair towards 1.6910 (14DMA)

• Immediate support is seen at 1.6806 (23.6%fib ) and break below could take the pair towards 1.6775 (Lower BB).

Recommendation: Good to sell   around 1.6870, with stop loss of 1.6960 and target price of 1.6800.
 

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