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

• EUR/NZD  dipped  on Thursday as investors  assessed the impact higher oil prices could have on monetary policy.

• Although oil prices eased on Friday, they were heading for a fourth straight weekly gain and have surged more than 35% this month.

•Brent crude   slipped 2.83% to $97.84 a barrel, after surging 7% overnight to a two-month high of $102.

•Friday's data painted a more positive economic picture, with Germany's private sector returning to growth in July for the first time in four months, while France's private sector contraction eased, signalling improving business activity across the eurozone.

• ECB policymakers signalled further rate hikes remain possible, citing persistent inflation risks after Thursday's decision to leave rates on hold.

• Immediate resistance is located at 1.9741 (38.2%fib), any close above will push the pair towards 1.9831(SMA 20).

• Immediate support is seen at 1.9431(23.6%fib) and break below could take the pair towards 1.9385(Lower BB).

 Recommendation: Good to sell around 1.9650, with stop loss of 1.9700 and target price of  1.9580