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FxWirePro:EUR/NZD struggle to extend its recovery,good to sell on rally

• EUR/NZD initially gained   Monday  but gains faded as the pair was weighed down by data showing weak German exports data  .

• In October, German exports   unexpected declined, decreasing by 0.2% compared to the previous month, primarily due to weak demand within the European Union.

• EUR/NZD remains well below 1.8677( 50%fib),Daily  close below 38.2%fib  increase the scope for much bigger drop.

• Technical signals show   RSI is at 38  , daily momentum studies 9, 10 and 11 DMAs are trending southwards

• Immediate resistance is located at 1.7580 (38.2% fib), any close above will push the pair towards 1.7636(5DMA).

•Immediate support is seen at 1.7482 (23.6% fib) and break below could take the pair towards 1.7424 (June 16th low).

Recommendation: Good to sell   around 1.7600, with stop loss of 1.7700 and target price of 1.7520
 

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