FxWirePro: EUR/ NZD downside pressure builds, key support level in focus

• EUR/ NZD  slipped  lower as investors  turned cautious ahead of U.S. President Donald Trump’s deadline for Iran to reopen the Strait of Hormuz.

• Oil prices edged up past $110 per barrel with both U.S. and Tehran showing no signs of reaching an agreement, while strikes on Iran intensified.

• The U.S.-Israeli war with Iran has rattled global markets and sent oil prices soaring, with the STOXX 600 declining more than 5% since ​the conflict began over a month ago.

• Tehran's effective closure of the strait has stoked inflation concerns and shifted ​monetary policy expectations.

• Euro zone PMI figures showed private sector expansion weakened sharply ​in March as the Middle East conflict drove up energy costs and disrupted supply chains, with overall demand falling for the first time in eight ​months.

• On the monetary policy front, ​ECB policymaker ⁠Dimitar Radev warned that inflation expectations could rise faster than in the past and said the central bank must be prepared to raise rates swiftly if price pressures persist..

• Immediate resistance is located at  2.0131(38.2%fib), any close above will push the pair towards 2.0278 (23.6%fib).

• Immediate support is seen at 2.0006 (38.2%fib) and break below could take the pair towards 1.9951(Lower BB).

 Recommendation: Good to sell around 2.0100 with stop loss of 2.0160 and target price of 2.0020