• EUR/NZD recovered some ground from initial decline on Tuesday as investors cut short positions before a European Central Bank meeting this week.
• The ECB is seen debating a cut in stimulus at its meeting on Thursday.EUR/NZD recovers towards 1.6680 and holds near the day's high.
• Bulls will need a clear 1.6772 (50% fib) to take greater control, failure to break higher will spur fresh downward momentum.
• Technical signals highlight bearish trend as daily RSI is trending lower, with moving averages in bearish alignment.
• Immediate resistance is located at 1.6700 ( 38.2%fib), any close above will push the pair towards 1.6772 (50% fib).
• Immediate support is seen at 1.6652 (5DMA) and break below could take the pair towards 1.6604 (23.6% fib).
Recommendation: Good to sell around 1.6680, with stop loss of 1.6740 and target price of 1.6600.
