• EUR/NZD initially dipped on Thursday but recovered some ground as the pair was aided by profit-taking on shorts.
• The pair is currently approaching resistance at 1.6171 ( 5DMA). Resistance at 1.6171 is likely to cap further upside in the pair.
• Technical signals are bearish as RSI is at 41, daily momentum studies 5, 9 and 10 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.6171 ( 5DMA), any close above will push the pair towards 1.6238 (38.2 % fib)
• On the downside, support is seen at 1.6122 (23.6%fib ) and break below could take the pair towards 1.6069 (Lower BB).
Recommendation: Good to sell around 1.6150, with stop loss of 1.6250 and target price of 1.6050
