• EUR/NZD recovered some ground on Monday as optimism over Brexit deal supported euro.
• Pair traded in a 1.7055/1.7160 range and was last trading at 1.7140 into the US afternoon.
• Despite shift in short term upside bias, bearish trend still remains in play. Close above 1.7244 is needed to undermine downside bias
• Technical signals are bearish as RSI is at 46, daily momentum studies 5,9 and 30 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.7163 ( 38.2%fib), any close above will push the pair towards 1.7220 (30EMA)
• On the downside, support is seen at 1.7108 (14 DMA ) and break below could take the pair towards 1.7056 (23.6%fib).
Recommendation: Good to sell around 1.7150, with stop loss of 1.7250and target price of 1.7080.
