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FxWirePro : EUR/NZD faces downside pressure ,eyes 1.9650 level

•  EUR/NZD edged lower but downside was limited   as investors awaited euro zone GDP  data.

• On Friday, the euro area will release GDP data, with growth expected at 0.4% quarter-on-quarter and 1.0% year-on-year, providing fresh insight into economic momentum.

Money markets are pricing in an 87% probability that the European Central Bank will raise interest rates by 25 basis points at its September meeting..

Geopolitical tensions remained subdued as Iran reaffirmed control over the Strait of Hormuz and said it remains closed, echoing Trump’s claims.

•   Immediate resistance is located at 1.9743(38.2% fib), any close above will push the pair towards 1.9816(Higher BB).

• Support is seen at 1.9643(SMA 20) and break below could take the pair towards 1.9471 (23.6% fib )

Recommendation: Good to sell around 1.9710 with stop loss of 1.9800  and target price of 1.9650

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