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FxWirePro: EUR/NZD extends drop, faces 23.6% fib support

• EUR/NZD declined on Thursday as higher commodities prices boosted commodity linked kiwi dollar.

•  U.S. crude  prices were up 0.9% after the International Energy Agency raised its oil demand growth forecast for this year.

• Technical signals show the pair could lose more ground in the short-term as RSI is at 33  bearish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

• Immediate resistance is located at 1.6133 (38.2%fib), any close above will push the pair towards 1.6192(14DMA).

• Strong support is seen at 1.6000(Lower BB) and break below could take the pair towards 1.5937 (23.6% fib )

Recommendation: Good to buy around 1.6050 with stop loss of 1.6150  and target price of 1.5950

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