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FxWirePro:EUR/NZD risks further fall if crucial support buckles, good to sell on rally

• EUR/NZD declined on Thursday   as investors were worried about the impact of rising oil prices will impact Eurozone economy.

• Selling pressure will remain in the short-term, only a move above 1.6565(50%fib) strong resistance  will shift the bias higher.

• Technical signals show the pair could lose more ground as RSI is at 21 bearish, and 9, 11,21 DMA’s are trending south.

• Immediate resistance is located at 1.6382 (5DMA), any close above will push the pair towards 1.6423(38.2%fib).

• Immediate support is seen at 1.6253 (23.6%fib) and break below could take the pair towards 1.6153 (Lower BB).

Recommendation: Good to sell round 1.6260, with stop loss of 1.6350 and target price of 1.6150

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