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FxWirePro:EUR/NZD chart points to eventual slump to a major fibo

• EUR/NZD initially strengthened on Wednesday but gave back half of  gains as risk aversion and Eurozone data miss weighed on euro. 

• Weaker-than-forecast euro zone retail sales and a 7.7% drop in German industrial orders added to concerns about slowing growth teamed with a 13-year high in inflation .

• EUR/NZD remains vulnerable, only a break and daily close above 1.6803 (50% fib) will shift bias to the upside.

• Technical signals show the pair could lose more ground as RSI is at 43 bearish, and 9, 11,21 DMA’s are trending south. 

• Immediate resistance is located at 1.6720 (38.2%fib), any close above will push the pair towards 1.6761(50 DMA).

• Strong support is seen at 1.6620 (23.6%fib) and break below could take the pair towards 1.6533 (Lower BB).

Recommendation: Good to sell round 1.6720, with stop loss of 1.6800 and target price of 1.6660
 

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