• EUR/NZD declined on Thursday as euro came under renewed selling pressure as uncertainty continued to weigh, since Thursdays German court ruling.
•The pair reaches 1.7760 after dipping from 1.8005 (early Asia high). Its the lowest level since April 8th.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 42 beaish, daily momentum studies 5, 10 and 21 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.7978 (21 DMA), any close above will push the pair towards 1.8034 (38.2% fib).
• On the downside, strong support is seen at 1.7717 (Lower BB) and break below could take the pair towards 1.7579 (23.6% fib )
Recommendation: Good to sell around 1.7790, with stop loss of 1.8050 and target price of 1.7750
