FxWirePro: EUR/ NZD gains some upside momentum but still bearish

• EUR/ NZD  initially gained but gave up ground  on Friday as   investors reacted news of Iran's decision to reopen the strategic Strait of Hormuz  .

• The vital waterway can be used by all commercial vessels for the remainder of the truce agreed in Lebanon, Iranian Foreign Minister Abbas Araqchi said .

• The pan-European stock index   climbed 1.6% to 626.58 points, close to levels ⁠seen before the beginning of the conflict.

 • Euro zone short-dated government bond yields dropped sharply to one-month lows, ​while money markets scaled back bets on future ECB rate hikes.

• On the economic ​front, European Central Bank President Christine Lagarde said the ECB needed to remain vigilant as the war could drag euro zone growth lower ​and push inflation above already increased projections.

• Immediate resistance is located at  2.0041(SMA 20), any close above will push the pair towards 2.0101(50%fib).

• Immediate support is seen at 1.9932 (50%fib) and break below could take the pair towards 1.9863(March 25th low).

 Recommendation: Good to sell around 2.0050 with stop loss of 2.0100 and target price of 1.9950