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

EUR/NZD fell on Tuesday as rising U.S.-Iran tensions and higher oil prices pressured the pair. U.S. ​re-imposed a naval blockade on Iran and as renewed attacks between Washington and Tehran heightened concerns over...

• EUR/NZD fell on Tuesday as rising U.S.-Iran tensions and higher oil prices pressured the pair. •U.S. re-imposed a naval blockade on Iran and as renewed attacks between Washington and Tehran heightened concerns over energy flows through the Strait of Hormuz. •

Iran fired missiles at a U.S. base in Jordan as the U.S. launched a third straight night of five-hour strikes on Iranian targets. . • The renewed attacks cast doubt on last month's peace deal, raising fears of prolonged disruptions to global energy supplies and higher inflation.

• EUR/NZD has seen range 1.9807-1.9589 the pair is likely to fall towards 1.9400 level. • Immediate resistance is located at 1.9789 (50% fib), any close above will push the pair towards 1.9973(61.8% fib). • Immediate support is seen at 1.9628 (38.2% fib) and break below could take the pair towards 1.9408 (23.6% fib).

Recommendation: Good to sell round 1.9650, with stop loss of 1.9730 and target price of 1.9600