• EUR/ NZD initially gained on Friday but gave up ground as sellers emerged ahead of key resistance in the 1.6707 region.
• Rejection near 23.6% fib resistance is likely to add bearish pressure on the pair. A break under 1.6644 (38.2%fib) would unmask 1.6600 level in the short term.
• Technical signals are bearish as RSI is at 42, 21, 30 DMAs are trending down.
• Immediate resistance is located at 1.6647 (Sep 15th high), any close above will push the pair towards 1.6708 (23.6%fib).
• Immediate support is seen at 1.6644 (38.2%fib) and break below could take the pair towards 1.6590 (50%fib).
Recommendation: Good sell around 1.6650, with stop loss of 1.6740 and target price of 1.6590
