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FxWirePro:EUR/NZD falls to one-month low, good to sell on rally

• EUR/NZD declined to hit one-month low on Tuesday as escalating Russia-Ukraine crisis   weighed on the pair.

• Ukraine crisis escalated further after Putin recognised independence of Ukraine break-away regions.

• Investors awaited RBNZ rate decision on Wednesday,  Reserve Bank of New Zealand is widely expected to raise the official cash rate by 25 basis points to 1.00% on Wednesday

• Technical signals show the pair could lose more ground as RSI is at 40 bearish, and 5, 9,11 DMA’s are trending south. 

• Immediate resistance is located at 1.6885 (50%fib), any close above will push the pair towards 1.6950 (61.8%fib).

• Immediate support is seen at 1.6787(38.2%fib) and break below could take the pair towards 1.6713(Lower BB).

Recommendation: Good to sell round 1.6820, with stop loss of 1.6950 and target price of 1.6710
 

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