• EUR/NZD initially gained on Tuesday but ran out of steam as the pair approached key resistance at 1.8070 (38.2% fib).
• Underlying trend remains bearish. A break below 1.7746(Lower BB) might spur fresh downward momentum.
• At GMT 16:27, the pair was trading down 0.13 percent at 1.7883 after reaching daily high at 1.8063.
• Technical lean bearish, RSI is at 43, momentum studies 5, 9, 11 DMAs are pointing downwards.
• On the upside, Immediate resistance is located at 1.7983 (5 DMA), any close above will push the pair towards 1.8070 (38.2% fib).
• On the downside, strong support is seen at 1.7746(Lower BB) and break below could take the pair towards 1.7632 (23.6% fib).
Recommendation: Good to sell around 1.7900, with stop loss of 1.8300 and target price of 1.7500
