FxWirePro: EUR/NZD extends drop, potential for further bearish trend

• EUR/NZD declined towards 1.8350 level  on Tuesday  as  traders avoided riskier currencies amid fears of a possible recession in the United States.

• The uncertainty in the currency markets is compounded by the unclear outlook of whether the U.S. economy is heading into a downturn.

• The pair  picked up  downside momentum and is approaching 50 % fib support. A close below will opens up  1.8200 level.

•   Immediate resistance is located at 1.8483(38.2 %fib), any close above will push the pair towards 1.8691(23.6%fib).

• Strong support is seen at 1.8319(50 % fib) and break below could take the pair towards 1.8155 ( 61.8%fib).

Recommendation: Good to sell around 1.8360 , with stop loss of 1.8500 and target price of 1.8270