• 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
