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FxWirePro:EUR/NZD outlook weaker on renewed downside pressure

• EUR/NZD declined   on Thursday as higher oil prices and increased risk sentiment   boosted New Zealand dollar across the board.

• Oil rose more than 1%   after U.S. crude inventories fell more than expected amid high demand for fuel.

• The pair  picked up  downside momentum and is approaching 38.2% fib. A close below will opens up 1.6300 level.

•   Immediate resistance is located at 1.6414( 5DMA), any close above will push the pair towards 1.6544(50%fib).

• Strong support is seen at 1.6355 (38.2% fib) and break below could take the pair towards 1.6277 ( Lower BB).

Recommendation: Good to sell around 1.6390, with stop loss of 1.6460 and target price of 1.6300

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