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FxWirePro: EUR/NZD gains some ground but outlook still bearish

• EUR/NZD initially gained   on Monday  but early rally fizzled as investors awaited economic data to provide insights into the European Central Bank's rate outlook..

• This week features a flurry of economic data, such as the euro zone's fourth-quarter GDP growth, consumer price inflation figures from Spain   and the ZEW survey assessing industry expectations for the region's economy.

• A close below   support at 38.2% fib will give further momentum to bears, opening the way for a run towards 1.7500   level.

•   Immediate resistance is located at 1.7595(50% fib), any close above will push the pair towards 1.7626(Daily high).

• Strong support is seen at 1.7520 (38.2% fib) and break below could take the pair towards 1.7466 ( 23.6%fib).

Recommendation: Good to sell around 1.7580   , with stop loss of 1.7690    and target price of 1.7500  

 

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