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FxWirePro: EUR/NZD pauses decline,critical support lies ahead

• EUR/NZD declined on Thursday as impact of as rising energy prices in Eurozone  weighed on euro.

• The pair traded down to 1.6430 and was around there into the US afternoon.

• The pairs bias is lower, but progress will likely be slowed as investors await non-farm payrolls data on Friday

• Technical signals are bearish as RSI is at 40, daily momentum studies  5, 9 and 10 DMAs are trending down.

• Immediate resistance is located at 1.6568 (5DMA ), any close above will push the pair towards 1.6641 (50%fib).

• Strong support is seen at 1.6441(38.2%fib) and break below could take the pair towards 1.6350(June 3rd low).

 Recommendation: Good to sell on rallies around 1.6470, with stop loss of 1.6570 and target price of 1.6400.

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