FxWirePro: EUR/ NZD stuck in range but outlook is bearish

• EUR/NZD traded in narrow range  on Tuesday as markets kept a close watch on Middle East developments and as investors assessed euro zone ‌inflation data.

• Iran is reviewing a proposed deal with the U.S. to halt their war but has not communicated with Washington for a few days, ​Iranian media reported on Tuesday.

•More than three months after the U.S. and Israel launched strikes against Iran, the conflict has morphed ‌into a stalemate with the pivotal Strait of Hormuz largely shut.

• Investors continue to bet on a peaceful outcome despite recurring obstacles along the way.

•Euro zone inflation rose to 3.2% in May from 3.0% in April, boosted by higher energy and services costs, strengthening expectations of a 25-basis-point ECB rate hike next week.

• Immediate resistance is located at  1. 9695 (38.2%fib), any close above will push the pair towards 1. 9746(higher BB)

• Immediate support is seen at 1.9530 (Lower BB) and break below could take the pair towards 1.9462(Lower BB).

 Recommendation: Good to sell around 1.9640 with stop loss of 1.9720  and target price of 1.9570