FxWirePro:EUR/NZD extends decline, key support lies ahead

EUR/NZD extended decline on Monday as investors focused on renewed hostilities in the Gulf. U.S. and Iranian forces exchanged missile and drone strikes over the weekend, with Iran targeting U.S. bases across the Gulf...

• EUR/NZD extended decline on Monday as investors focused on renewed hostilities in the Gulf. •U.S. and Iranian forces exchanged missile and drone strikes over the weekend, with Iran targeting U.S. bases across the Gulf and again declaring the Strait of Hormuz closed. •Oil prices rose more than 9% to a one-month high, with Brent crude futures LCOc1 settling at $83.30 a barrel.

• EUR/NZD has seen range 1.9804-1.9738 the pair is likely to fall towards 1.9600 level. • Immediate resistance is located at 1.9801 (Daily high), any close above will push the pair towards 1.9922(50% fib). • Immediate support is seen at 1.9686(38.2% fib) and break below could take the pair towards 1.9600 (Psychological level).

Recommendation: Good to buy round 1.9760 with stop loss of 1.9850 and target price of 1.9600