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FxWirePro: EUR/NZD sinks towards a sensitive level, good to sell on rally

• EUR/NZD declined  sharply on Friday as euro continued  lose ground as soft EU inflation numbers   added to ECB’s dovish stance.

• Consumer price growth in the 20 nations sharing the euro currency dropped to 2.4% in November from 2.9% in October, well below expectations for 2.7%.

• Bearish are on course to force a daily close under 23.6% fib support,that would open the pathway towards 1.7400 level.

•   Immediate resistance is located at 1.7651(38.2%fib), any close above will push the pair towards 1.7768(50%fib).

• Strong support is seen at 1.7508(23.6% fib) and break below could take the pair towards 1.7476 ( Jul 6th low).

Recommendation: Good to sell around 1.7520, with stop loss of 1.7600 and target price of 1.7400

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