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FxWirePro:EUR/NZD changes short term trend from neutral to bearish

• EUR/NZD declined on Wednesday   as widening divide between European Central Bank and Reserve Bank  of New Zealand  policy  attracted seller.

• The ECB is pushing back against tighter monetary policy, hoping inflation that has soared far beyond target will recede.

• At GMT 17:15, the pair was trading down 0.31 percent   at $1.6554.

• EUR/NZD  rally stalled at 38.2%fib and pressure now shifts to the downside. 

• Immediate resistance is located at 1.6621 ( 38.2%fib), any close above will push the pair towards 1.6737 (23.6%fib)

• Support is seen at 1.6526(50 %fib ) and break below could take the pair towards 1.6429 (61.8%fib).

Recommendation: Good to sell on rally around 1.6560, with stop loss of 1.6700 and target price of 1.6470.

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