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

• EUR/NZD dipped on Thursday as rise in commodity prices boosted the commodity-price sensitive New Zealand dollar.

• Commodity-centric New Zealand dollar soared on higher oil and  iron ore prices.

• New Zealand's fourth-quarter economic growth barely exceeded forecasts of 3.0%, but was still  strong enough to warrant further monetary tightening by the Reserve Bank of New Zealand.

• Technical signals show the pair could lose more ground in the short-term as RSI is at 36  bearish, daily momentum studies  5, 9 and 11 DMAs are trending  down.

• Immediate resistance is located at 1.6159 (5DMA), any close above will push the pair towards 1.6246(38.2%fib).

• Strong support is seen at 1.5990 (23.8%fib) and break below could take the pair towards 1.5878 (March 8th low )

Recommendation: Good to sell  around 1.6110, with stop loss of 1.6240 and target price of 1.6000

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