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

• EUR/NZD declined on Tuesday as  euro was weighed down by concerns about energy supply and economic growth in Eurozone

•The pair is approaching 38.2%fib,a daily close below   will accelerate towards 1.5800 in the short term.

 • From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is   bearish at 42.

• Immediate resistance is located at 1.6119( 5DMA), any close above will push the pair towards 1.6171 ( 50%fib).

• Strong support is seen at 1.6008 (38.2%fib) and break below could take the pair towards 1.5913(Lower BB).

Recommendation: Good to sell around 1.6050, with stop loss of 1.6150and target price of 1.5950

 

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