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FxWirePro: EUR/NZD positions for another drop, eyes 1.6300 level

•EUR/NZD declined on Wednesday as kiwi outperformed euro after RBNZ sounded upbeat on the New Zealand’s economy .

• The kiwi’s ascent came as the Reserve Bank of New Zealand (RBNZ) kept interest rates at 0.25% as expected and said the economy was strong enough that further stimulus.

• The 23.6% fib   is  key support ,a daily close below would   extended losses towards 1.6300.

• At GMT 18:32, the pair was trading down 0.80 percent   at 1.6407.

•  Technicals highlight downside risks,daily  RSIs is falling, implying bearish momentum.. 

• Immediate resistance is located at 1.6482 ( 38.2%fib), any close above will push the pair towards 1.6548 (50%fib)

• trong support is  at 1.6378 (23.6%fib ) and break below could take the pair towards 1.6300(Psychological level).

Recommendation: Good  to sell around 1.6400, with stop loss of 1.6500 and target price of 1.6300
 

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