• EUR/NZD dipped on Monday as rise in commodity prices boosted the commodity-price sensitive New Zealand dollar against euro.
•Oil prices jumped after the West blocked Russian banks from the SWIFT global payments system.
• EUR/NZD daily low at 1.6544. A break and daily close above 1.6531 (Ichimoku Cloud base)will accelerate further downside.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 63 bearish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.6632 (38.2%fib), any close above will push the pair towards 1.6765(50%fib).
• Strong support is seen at 1.6531 (Ichimoku Cloud base) and break below could take the pair towards 1.6464 (23.6% fib ).
Recommendation: Good to sell around 1.6580 with stop loss of 1.6580 and target price of 1.6500
