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

• EUR/ NZD  slipped  lower as a recovery in global risk sentiment supported demand for risk-sensitive currencies like the New Zealand dollar.

• Comments from U.S. President Donald Trump indicating that Iran remains open to negotiations helped calm fears of an immediate escalation, encouraging investors to re-enter higher-yielding assets.

• Oil prices fell as expectations for further dialogue to end the war outweighed concerns over supply disruptions.

•On the macro front, attention now turns to New Zealand’s March electronic card retail sales data due Friday. The previous reading showed solid growth (+1.4% m/m, +1.5% y/y), and another strong print could reinforce confidence in domestic consumption.

• Immediate resistance is located at  2.0045 (50%fib), any close above will push the pair towards 2.0136(April 10th high).

• Immediate support is seen at 1.9955(Daily low) and break below could take the pair towards 1.9828(38.2%fib).

 Recommendation: Good to sell around 2.0000 with stop loss of 2.0120 and target price of 1.9950