FxWirePro: EUR/NZD downtrend loses steam, remains on bearish path

• EUR/NZD  strengthened   on Tuesday   as shift toward risk aversion weighed on the kiwi dollar and broader risk-sensitive assets.

•Risk sentiment deteriorated following comments from President Trump regarding ongoing negotiations.

•  Trump said no U.S.-Iran talks were underway, while Iran said the Strait of Hormuz would remain closed until Washington met the interim deal’s terms.

•Markets are bracing for prolonged disruption to global energy supplies with no signs of a breakthrough to end the Middle East conflict.

Brent crude reached its highest level since late last month after fresh signals from Washington and Tehran ruled out the possibility of a near-termend to the conflict..

• Immediate resistance is located at 1.9781(Higher BB), any close above will push the pair towards 1.9838 (Higher BB).

• Strong support is seen at 1.9665(38.2% fib) and break below could take the pair towards 1.9528 (Lower BB )

Recommendation: Good to buy around 1.9750 with stop loss of 1.9800 and target price of 1.9700