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EUR/NZD 4H: Selling Bias

The common European currency has declined by 4.02% against the New Zealand Dollar since June 1. The currency pair was pressured lower by the 200– period simple moving average.

As for the near future, the EUR/NZD exchange rate could continue to decline during the following trading sessions. The potential target for bearish traders would be at the 1.7000 level.

However, a support cluster formed by the weekly S1 and the monthly S1 at 1.7077 could provide support for the currency exchange rate within this week’s trading sessions.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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