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FxWirePro:EUR/NZD attracts selling interest after dovish ECB, vulnerable to more downside

• EUR/NZD declined on Thursday after European Central Bank eased the pace of its rate hikes.

• European Central Bank delivered its seventh straight hike but slowed the pace of its policy tightening with a quarter percentage point increase.

•The pair reaches 1.7519 after extending south from 1.7841(Daily high). 1.7519 is the lowest level since April 14th.

• Technical signals show the pair could lose more ground as RSI is lower 44, and 9, 11,21 DMA’s are trending south.

• Immediate resistance is located at 1.7643(38.2%fib), any close above will push the pair towards 1.7716(5DMA).

• Immediate support is seen at 1.7507 (50%fib) and break below could take the pair towards 1.7377(61.8%fib).

Recommendation: Good to sell round 1.7520, with stop loss of 1.7600 and target price of 1.7440

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