• EUR/NZD recovered some ground on Thursday as upbeat Euro zone economic sentiment supported euro.
• EUR/NZD climbs above 1.6500 and holds near the day's high in late US session. The pairs rebound has topped at 1.6505 ( 5 DMA).
• Selling pressure will remain in the short-term, only a move above 1.6569 (50%fib) strong resistance will shift the trend upside.
• Technical signals lean bearish as RSI is at 33, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6505 ( 5 DMA), any close above will push the pair towards 1.6569 (50%fib)
• Support is seen at 1.6452 (38.2% fib) and break below could take the pair towards 1.6314 (23.6%fib).
Recommendation: Good to sell around 1.6500, with stop loss of 1.6600 and target price of 1.6400
