•EUR/NZD initially gained on Monday but fell on risk of sentiment and hawkish shift in Fed expectations .
•The fundamental focus is on Fed Chair Jerome Powell's appearance on Tuesday after the Fed downshifted to a 25bp rate hike last week before Friday's data shocks..
• A rally towards is 1.7200 possible if EUR/NZD bulls overcome resistance at 1.7105 (23.6%fib).
• Technical signals show the pair could gain more ground in the short-term as RSI is at 58 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.7105(23.6%fib), any close above will push the pair towards 1.7153 (Higher BB).
• Strong support is seen at 1.6957(5DMA) and break below could take the pair towards 1.6937 (38.2% fib )
Recommendation: Good to buy around 1.7010 with stop loss of 1.6860 and target price of 1.7160
