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FxWirePro: EUR/NZD slide lower shifts pressure to the downside

• EUR/NZD declined on Tuesday  as euro  attracted sellers ahead of the European PMI’s release. 

• Wednesday’s European PMIs will be a key catalyst for the near-term outlook in EUR/NZD, and softer-than-expected results could spark an acceleration in downside momentum for the pair.

• EUR/NZD has seen a 1.8396 -1.8247 range on Wednesday, the pair was last trading at 1.8247 at 19:30  .

• Technically RSI is trending lower with the 5, 10 & 11-day MAs in a bearish formation.

•   Immediate resistance is located at 1.8329( 5DMA), any close above will push the pair towards 1.8450(23.6%fib).

• Strong support is seen at 1.8233 (38.2% fib) and break below could take the pair towards 1.8102 (Aug 10th low).

Recommendation: Good to sell around 1.8280, with stop loss of 1.8400 and target price of 1.8150

 

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