FxWirePro: EUR/ NZD hovers near 1.9700 level , vulnerable to further losses

• EUR/ NZD edged higher but gains were limited      as markets reassessed the magnitude of the energy supply shock from the Persian Gulf.

•Oil prices surged by as much as 4% earlier on Tuesday before trimming those gains later in the session, as uncertainty persisted over the formation and effectiveness of a U.S.-led coalition aimed at safeguarding shipping routes through the Strait of Hormuz.

•Investors' focus this week will be on interest rate decisions ​in the UK, the ​U.S., and Europe ⁠and comments from policymakers on how they intend to navigate the potential energy-driven inflationary pressures.

• Meanwhile, German investor morale fell much more sharply than expected in March, marking its steepest decline since the onset of the Russia–Ukraine war in February 2022.

• Germany’s ZEW Indicator of Economic Sentiment, which measures investor confidence in Europe’s largest economy, deteriorated sharply in March, falling from 58.3 in February to -0.5.

• Immediate resistance is located at 1.9765(38.2%fib), any close above will push the pair towards 1.9831(Higher BB).

• Immediate support is seen at 1.9694(SMA 20) and break below could take the pair towards 1.9548(23.6%fib).

 Recommendation: Good to sell around 1.9700 with stop loss of 1.9770  and target price of 1.9620