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FxWirePro:EUR/NZD neutral in the near-term, scope for downward resumption

• EUR/NZD  initially gained Friday  but some early gains eroded as the pair failed to find strong direction.

• On The data front, Italian industrial output fell short of expectations, exacerbating challenges for the country's manufacturing sector, which has been grappling with ongoing difficulties.

• Technicals are favouring bearish sentiment as RSI is at 44 and the pair is trading below   5,10 & 11-DMAs. 

• Immediate resistance is located at 1.7970(38.2% fib), any close above will push the pair towards 1.8012(May 3rd high)

•  Strong support is seen at 1.7849(23.6%fib) and break below could take the pair towards 1.7814(Lower BB).

Recommendation: Good to sell on rally around 1.7830, with stop loss of 1.7950 and target price of 1.7750

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