• 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
