• EUR/NZD declined on Monday as retreat in U.S. Treasuries pushed demand for risk-sensitive currencies like New Zealand dollar.
•Traders sought risk assets as yields showed signs of stabilisation after the big sell-off last week.
•Trend remains bullish and any sharp retracement is likely to be modest.
• Immediate resistance is located at 1.6601( 50% fib), any close above will push the pair towards 1.6726 (38.2%fib)
• Immediate support is seen at 1.6484 (61.8%fib ) and break below could take the pair towards 1.6435 (Lower BB).
Recommendation: Good to buy around 1.6520, with stop loss of 1.6450 and target price of 1.6600.
