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

• EUR/NZD rebounded from initial declined  on Friday   as investors book profit on shorts ahead of long week end.

• On the data front, France's services sector contracted more than expected in June, while a broader euro zone reading showed that business growth in the bloc slowed sharply this month as demand fell for the first time since February.

• In an up-and-down session, the pair hit low at 1.6568 in early trading then gained towards 1.6677 .

• From a technical viewpoint, RSI  is bearish, daily momentum studies  9, 11 and 21 DMA’s are trending down.

• Immediate resistance is located at 1.7524(38.2%fib), any close above will push the pair towards 1.7601 (50%fib).

• Strong support is seen at 1.7417 (23.6%fib) and break below could take the pair towards 1.7374 (Lower BB )

Recommendation: Good to sell around 1.7500, with stop loss of 1.7600 and target price of 1.7410

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