• EUR/NZD declined on Thursday as kiwi dollar outperformed euro as risk sentiment improved.
• EUR/ NZD dived below the 50% fib and trades down to a 1.7670 low.
•EUR/ NZD is now on course to register a close below the 23.6% fib level, chart points to bigger drop towards 1.5900 level.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is bearish at 40
• Immediate resistance is located at 1.6065( 14DMA), any close above will push the pair towards 1.6169 (38.2%fib)
• Support is seen at 1.5972 (23.6% fib) and break below could take the pair towards 1.5890 (Lower BB).
Recommendation: Good to sell on rally around 1.6050, with stop loss of 1.6150 and target price of 1.5960.
