• EUR/NZD declined on Tuesday as euro was weighed down by concerns about energy supply and economic growth in Eurozone
•The pair is approaching 38.2%fib,a daily close below will accelerate towards 1.5800 in the short term.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is bearish at 42.
• Immediate resistance is located at 1.6119( 5DMA), any close above will push the pair towards 1.6171 ( 50%fib).
• Strong support is seen at 1.6008 (38.2%fib) and break below could take the pair towards 1.5913(Lower BB).
Recommendation: Good to sell around 1.6050, with stop loss of 1.6150and target price of 1.5950
