• EUR/NZD dipped on Monday as euro attracted sellers as traders were skeptical about outcome of a European Union summit this week.
•The pair reaches 1.7872 after extending decline from 1.8078 (early Asia high). 1.8262 is the lowest level since April 14th.
• Technical signals show RSI is at 43, daily momentum studies 9, 10 and 11 DMAs are trending downwards (Bearish setup).
• On the upside, Immediate resistance is located at 1.7955 (38.2% fib), any close above will push the pair towards 1.8020 (9 DMA).
• On the downside, strong support is seen at 1.1779 (Lower BB) and break below could take the pair towards 1.7503 (23.6% fib )
Recommendation: Good to sell around 1.7900, with stop loss of 1.8200 and target price of 1.7500
