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FxWirePro: EUR/NZD recovers slightly but bearish outlook persists

•  EUR/NZD edged higher as it attracted bids after data showed German investor morale rose   in January.

•  German investor morale jumped sharply in January to its highest level since August 2021, the ZEW institute said on Tuesday, as expectations for the economy improved.

• The index rose to 59.6 points in January. Analysts polled by Reuters had expected the January reading to rise to 50.0 points, from last month's 45.8.

• Meanwhile, the ZEW’s assessment of current conditions improved, rising to -72.7 from -81.0 in the previous month.

• Immediate resistance is located at 2.0229(SMA20), any close above will push the pair towards 2.0312(38.2%fib).

• Immediate support is seen at 2.0079(50%fib) and break below could take the pair towards 2.0023(38.2%fib).

Recommendation: Good to sell  around 2.0215 with stop loss of 2.0300 and target price of 2.0150
 

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