• EUR/NZD initially dipped sharply after upbeat NZ business outlook data but profit-taking on shorts lifted the pair back above 1.6800 level.
• The pair is currently approaching resistance at 1.6911 ( 61.8%fib). Resistance at 1.6911 is likely to cap further upside in the pair.
• Technical signals are bearish as RSI is at 45, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6911 ( 61.8%fib), any close above will push the pair towards 1.6946 (14DMA)
•Strong support is seen at 1.6845 (50%fib ) and break below could take the pair towards 1.6816 (Ichimoku Cloud Base).
Recommendation: Good to sell around 1.6860, with stop loss of 1.6920 and target price of 1.6790
