FxWirePro :EUR/NZD consolidates at above 1.7500 after early fall, good to sell on rallies

• EUR/NZD recovered some ground on Thursday as a another shot of stimulus by ECB boosted euro across the board.

• EUR/NZD climbs above 1.7500 and holds near the day's high in late US session. The pairs rebound has topped at 1.7593 (5 DMA).

• Selling pressure will remain in the short-term, only a move above 1.6471 ( 61.8 % fib) strong resistance  will shift the trend upside.

• Technical signals lean bearish as RSI is at 38, daily momentum studies  5, 9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.7635 ( 5 DMA), any close above will push the pair towards 1.7691 (9 DMA).

• Strong support is seen at 1.7420 (23.6% fib) and break below could take the pair towards 1.7366 (Lower BB).

Recommendation: Good to sell on rally  around 1.7600, with stop loss of 1.7750 and target price of 1.7400