FxWirePro: EUR/ NZD under pressure after early buying dries up

• EUR/ NZD  initially gained but gave up ground  on Friday as traders grew wary amid rising uncertainty around global growth and inflation.

• Investors grew increasingly concerned that the ongoing Middle East conflict could keep energy supplies disrupted for longer, driving up costs and fueling inflation.

• German business sentiment deteriorated more than expected ‌in April as the Iran war threatens the recovery of Europe’s biggest economy.

• The  European Central Bank meets next week with markets pricing in a 76% chance that policymakers will leave rates unchanged, However, traders still expect rate hikes later this year if energy disruptions persist.

• Immediate resistance is located at  1.9988(50%fib), any close above will push the pair towards 2.0135(April13th high).

• Immediate support is seen at 1.9805 (50%fib) and break below could take the pair towards 1.9774(Lower BB).

 Recommendation: Good to sell around 1.9950 with stop loss of 2.0100 and target price of 1.9850