FxWirePro: EUR/NZD edges higher but outlook still bearish

• EUR/NZD edged higher  Friday as investors booked profits ahead of long week end .

• The European Central Bank left rates unchanged on Thursday as expected, but its upbeat view on growth and inflation dampened expectations for further easing.

• The European Central Bank (ECB) held its key interest rate steady at 2% on Thursday, as widely anticipated by markets, signaling a cautious approach.

• Meanwhile,France’s credit rating was downgraded by Fitch on Friday, highlighting investor concerns after the prime minister’s ousting over failed fiscal reform efforts.

• Technicals are favouring bearish sentiment as RSI is at 47 and the pair is trading below   5,10 & 11-DMAs. 

•  Immediate resistance is located at 1.9711 (38.2% fib), any close above will push the pair towards 1.9834(SMA 20).

• Strong support is seen at 1.9585 (Lower BB) and break below could take the pair towards 1.9491(50% fib).

Recommendation: Good to sell on dips around 1.9700 with stop loss of 1.9800 and target price of 1.9650