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FxWirePro: EUR/NZD set for a slump, shorts hold the advantage

• EUR/NZD dipped  on Wednesday but downside was limited as investors awaited the second round of the French vote and national elections in the UK.

• Marine Le Pen's National Rally (RN) will not win a majority of seats in next Sunday's parliamentary run-off election, according to a poll on Wednesday.

• The RN and its allies would get just 190 to 220 seats, according to the poll, while the centre-right Republicans (LR) would win 30 to 50 seats.

• Technical lean bearish, RSI is turning lower, momentum studies, 9, 11 DMAs are flat.

• Immediate resistance is located at 1.7716( 38.2% fib), any close above will push the pair towards 1.7805( 23.6% fib)

• Support is seen at 1.7651(50%fib) and break below could take the pair towards 1.7596 (61.8%fib)
Recommendation: Good to sell around 1.7680, with stop loss of 1.7780 and target price of 1.7600
 

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