FxWirePro: EUR/ NZD capped by the 38.2%fib fibonacci, good to sell on rallies

• 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.