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FxwirePro: EUR/NZD falls sharply after ECB hikes but signals end of tightening

• EUR/NZD declined sharply  on Thursday  after the ECB  hiked interest rates for the tenth straight time.

• The European Central Bank (ECB) hiked its key interest rate to a record high, but also hinted that this latest increase would be its last.

• EUR/NZD bears have tightened their grip on this this pair,a break, daily close under 38.2%  fib support could deepen losses.

• Technical signals highlight downside risk as   RSI is  at 41, daily momentum studies  5, 9 and 11 DMAs are trending  south.

• Immediate resistance is located at 1.8147 (23.6% fib), any close above will push the pair towards 1.8167 (11DMA).

• Strong support is seen at 1.7989 (38.2% fib) and break below could take the pair towards 1.7880 (50% fib )

Recommendation: Good to sell below 1.8000, with stop loss of 1.8150  and target price of 1.7920
 

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