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

• EUR/NZD   dipped on Wednesday  as upbeat Chinese economic data and improved risk sentiment supported kiwi dollar.

• Chinese data on retail sales and industrial output topped forecasts, boding well for continued Chinese demand for commodities.

• A close below 38.2%fib, would add to pairs bearish structure, opening the way for a test of of 1.7831.

• Technical signals are bearish as RSI is falling, daily momentum studies  5 ,9 DMA’s are trending lower. 

• Immediate resistance is located at 1.8019(50%fib ), any close above will push the pair towards 1.8050 (11DMA).

• Strong support is seen at 1.7935(38.2%fib) and break below could take the pair towards 1.7820(50%fib).

Recommendation: Good to sell around 1.8020 with stop loss of 1.8150 and target price of 1.7930
 

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