FxWirePro: EUR/NZD dips below lower range, bearish bias increases

•EUR/NZD  declined on Friday  as investors piled back into risky assets like kiwi dollar on  fears of a meltdown in the global financial sector.

• EUR/NZD  drops swiftly below 30DMA. Break lower 1.6984(50% fib)risks run towards  1.6900 level in the short term.

• Technical signals are bearish as RSI is heading down  at 43, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.7087 ( 5DMA), any close above will push the pair towards 1.7122 (38.2% fib).

•Strong  support is seen at 1.6984(50% fib) and break below could take the pair towards 1.6925 (Lower BB).

Recommendation: Good to sell on rally around 1.7010 with stop loss of 1.7150 and target price of 1.6910