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FxWirePro:EUR/NZD remains weak, eyes 23.6% fib support

• EUR/NZD dipped on Monday as strong commodity prices aided risk appetite. 

• Iron ore prices surged as rising Australia-China tensions sparked supply concerns.

• EUR/NZD recovery from   1.6658 was rejected earlier  in European session at  14DMA  . 

• Todays drop has put EUR/NZD back below Ichimoku cloud base and has put the 23.6%fib 1.6602  back in play

• Technical signals favours  bearish sentiment, RSI is at 46and pair trades below 9,11  & 14-DMAs.

• Resistance is located at 1.6715(14DMA)  and at 1.6747 (38.2%fib).

• Strong support is found at 1.6657 (Daily low) and at 1.6606 (23.6%fib).

Recommendation: Good to sell around 1.6680, with stop loss of 1.6780 and target price of 1.6610
.

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