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FxWirePro :EUR/NZD drops below 1.6300 level, heads deeper into bear territory

• EUR/NZD declined on Tuesday as a robust start to the U.S. earnings season and hopes China will be able to contain its property market malaise boosted demand for New Zealand dollar.

•New Zealand`s dollar also gained following   Monday data which showed the fastest consumer-price inflation in more than a decade.

• EUR/NZD   dips further below 1.6311 (38.2% fib). A break below strong support  zone at 1.6237 (23.6% fib) cannot be ruled out.

• Technical signals indicate bearish momentum, as RSI is at 28, daily momentum studies  5, 9 and 11 DMAs are trending  down.

• Immediate resistance is located at 1.6311 (38.2% fib), any close above will push the pair towards 1.6353 (5DMA).

• Strong support is seen at 1.6237 (23.6% fib) and break below could take the pair towards 1.6200(Psychological level)

Recommendation: Good to sell  around 1.6270, with stop loss of 1.6370 and target price of 1.6200

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