• EUR/NZD slumped on Monday as kiwi dollar strengthened against euro on increased demand for risker currency like kiwi dollar.
• EUR/ NZD fell to 1.7995 close to the 38.2% fib. A break under 38.2% fib would unmask 1.6650 level in the short term.
• Technical signals are bearish as RSI is lower, daily momentum studies 5, 9 and 10 EMAs are trending down.
• Strong resistance is located at 1.8011(5 EMA), any close above will push the pair towards 1.8055 (50% fib)
• Immediate support is at 1.6795 (38.2% fib) and break below could take the pair towards 1.78980 (23.6% fib).
Recommendation: Good to sell around 1.8000 , with stop loss of 1.8100 and target price of 1.7920