FxWirePro : EUR/NZD slips lower, set to stay on back foot

•  EUR/NZD slipped lower on Friday  as investors digested renewed geopolitical tensions and  euro zone GDP  data.

•Shipping traffic through the Strait of Hormuz remained severely disrupted as fresh attacks and the prospect of an indefinite U.S. blockade raised concerns over regional energy supplies.

•Iran-U.S. tensions over the Strait of Hormuz could keep oil prices above pre-conflict levels, increasing uncertainty for economic growth.

• The eurozone economy expanded in the second quarter despite the economic challenges posed by the Middle East conflict.

•Official data showed GDP grew 0.4% quarter-on-quarter, indicating resilience despite elevated energy prices and geopolitical uncertainty.

•   Immediate resistance is located at 1.9765(38.2% fib), any close above will push the pair towards 1.9789(Higher BB).

• Support is seen at 1.9636(SMA 20) and break below could take the pair towards 1.9566 (23.6% fib )

Recommendation: Good to sell around 1.9640 with stop loss of 1.9700  and target price of 1.9600