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FxWirePro: EUR/NZD drops below 5DMA after dovish ECB hike,good to sell on rally

• EUR/NZD  declined on Thursday  as investors anticipated the European Central Bank was close to the end of its tightening cycle.

• The European Central Bank (ECB) raised interest rates for the ninth consecutive time on Thursday.

•In the aftermath, EUR/NZD  fell 0.48%, to 1.17686  its lowest since July 11, plunging from Thursday's 1.7859 daily high

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  has turned lower.

• Immediate resistance is located at 1.7800( 11DMA), any close above will push the pair towards 1.7844 ( 38.2%fib).

• Strong support is seen at 1.7739 (50%fib) and break below could take the pair towards 1.17686  (Daily low).

Recommendation: Good to sell around 1.7770 with stop loss of 1.7670 and target price of 1.7880

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