•EUR/NZD declined on Monday ahead of a monetary policy decision this week and as data showed retail sales volumes rose in the first quarter.
•New Zealand retail sales was up a seasonally adjusted 2.5 percent on quarter in the first quarter of 2021, Statistics New Zealand said on Monday.
•EUR/NZD hits daily high at 1.7026 but reverses course to trade at 1.6919 in afternoon US session. EUR/NZD could be set for a slide toward 1.6850.
•Technical are bearish, RSI is turning down, momentum studies, 5, 10 DMAs are turning lower.
•Immediate resistance is located at 1.6953 ( 38.2%fib), any close above will push the pair towards 1.7000( Psychological level).
•Srong support is seen at 1.6923 ( 38.2%fib)and break below could take the pair towards 1.6848 (11DMA).
Recommendation: Good to sell around 1.6930, with stop loss of 1.7100 and target price of 1.6850.
