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FxWirePro:EUR/NZD fragile, risks collapse to a major fibo support

• EUR/NZD declined on Thursday  as strength in commodity markets boosted New Zealand dollar.

• Oil prices eased about 0.5% but remained close to a one-month high that was driven by more positive demand forecasts from the International Energy Agency (IEA).

• EUR/NZD could be on the verge of a deeper fall after sliding below 38.2%fib  on Thursday.

• At GMT 18:19, the pair was trading down 0.45 percent   at 1.6685.

•  Technical signals are bearish as RSI is heading down  at 44, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.6700 ( 38.2%fib), any close above will push the pair towards 1.6777 (50%fib)

• Strong support is seen at 1.6624 (23.6%fib ) and break below could take the pair towards 1.6611 (Lower BB).

Recommendation: Good  to sell around 1.6700, with stop loss of 1.6790 and target price of 1.6620.
 

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