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FxWirePro:EUR/NZD attracts selling interests ,venerable to more downside

• EUR/NZD declined  sharply on  Monday  as  jtters about wider Middle East conflict  attracted sellers.

• Events in the Middle East is hurting risk appetite, spiralling violence threatens to start a major new war in the Middle East.

• EUR/A NZD chart has taken a turn for the worse after todays   drop.Overall risk growing for a bigger drop towards 1.7450.

• Technical signals show the pair could lose more ground as RSI is  bearish at 30, and 9, 11,21 DMA’s are trending south.

• Immediate resistance is located at 1.7635(38.2%fib), any close above will push the pair towards 1.7675(5DMA).

• Immediate support is seen at 1.7549 (Daily low) and break below could take the pair towards 1.7496 (23.6% fib).

Recommendation: Good to sell round 1.7560, with stop loss of 1.7640  and target price of 1.7470

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