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FxWirePro: EUR/NZD poised at critical support, looking vulnerable

• EUR/NZD declined on Tuesday  as EU vaccine rollout fears and expectations for a steepening decline in euro zone GDP weighed on euro.

• The 23.6% fib   is  key support ,a daily close below would   extended losses towards 1.6650.

• At GMT 18:32, the pair was trading down 0.26 percent   at 1.6806.

•  Technicals highlight downside risks,daily  RSIs is falling, implying bearish momentum.. 

• Immediate resistance is located at 1.6851 ( 5 EMA), any close above will push the pair towards 1.6919 (38.2%fib)

• Strong support is  at 1.6763 (23.6%fib ) and break below could take the pair towards 1.6644 (24thJan 2020 low).

Recommendation: Good  to sell around 1.6830, with stop loss of 1.6950 and target price of 1.6740.


 

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