FxWirePro: EUR/ NZD dips below lower range, bearish bias increases

• EUR/NZD slipped lower on Thursday as  risk sentiment  dominated after report of a possible US-Iran ceasefire extension.

• Selling  interest accelerated after reports suggested the United States and Iran were considering extending their ceasefire agreement by 60 days to facilitate negotiations over Iran’s nuclear program.

• Oil prices were split. U.S. WTI edged higher, while Brent, more vulnerable to Strait of Hormuz traffic disruptions, dipped.

• Strong gains in gold, silver, and global equity markets reinforced the positive risk environment, providing additional support for commodity-linked currencies such as the kiwi dollar..

• Immediate resistance is located at  1.9712(38.2%fib), any close above will push the pair towards 1.9799 (SMA 20).

• Immediate support is seen at 1.9570 (Lower BB) and break below could take the pair towards 1.9499(23.6%fib).

 Recommendation: Good to sell around 1.9640 with stop loss of 1.9750 and target price of 1.9580