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FxWirePro:EUR/NZD set for bigger drop, but close below key fibo is needed

• EUR/NZD initially gained on Thursday after upbeat Eurozone data but gave up ground as increased risk appetite in the market supported New Zealand dollar.

• EUR/NZD recovery from   1.6609 was rejected earlier  in European session at  38.2%fib  . EUR/NZD is in danger of crashing under major fibo support.

• Technical signals  favours  bearish sentiment, RSI is at 44 and pair trades below 9,11  & 14-DMAs.

• Resistance is located at 1.6722 (50DMA)  and at 1.6749 (38.2%fib).

• Strong support is found at 1.6595(23.6%fib) and at 1.6554 (Lower BB).

Recommendation: Good to sell around 1.6700, with stop loss of 1.6800 and target price of 1.6640

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