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FxWirePro:EUR/NZD outlook weaker on renewed downside pressure

• EUR/NZD declined on Wednesday as on-going Ukraine crisis  and  surging commodity prices weighed on the pair.

• Oil prices rose   in volatile trade, helped by the halt in Russian and Kazakh crude exports by the CPC pipeline.

• The pair   is approaching 1.5753 (23.6% fib) support. A close below will opens up 1.5650 level in the short term.

• Technically 21 day 30-day momentum remains negative and RSI  is trending  lower.

•   Immediate resistance is located at 1.5946 ( 5DMA), any close above will push the pair towards 1.6009(38.2%fib).

• Strong support is seen at 1.5753 (23.6% fib), break below could take the pair towards 1.5647 (Lower BB).

Recommendation: Good to sell around 1.5810, with stop loss of 1.5940 and target price of 1.5710

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