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FxWirePro: EUR/NZD changes short term trend from neutral to bearish

• EUR/NZD declined on Thursday   as the pair attracted sellers after  ECB signal end to bond buys in Q3.

•The move came as a surprise as investors had not anticipated any big policy announcements given the uncertainty unleashed by the war in Ukraine.

• The pair is currently approaching support at 38.2%fib. A break and daily close blow will accelerate further drop  towards 1.6700 level.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 59 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

• Immediate resistance is located at 1.6034(50%fib), any close above will push the pair towards 1.6171 (61.8%fib).

• Strong support is seen at 1.5907(38.2%fib) and break below could take the pair towards 1.5737(23.6% fib )

Recommendation: Good to sell around 1.6020 with stop loss of 1.6120 and target price of 1.5900

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