• EUR/NZD declined on Tuesday as euro was weighed down after data showed German ZEW sentiment fell more than expected in October.
• German investor sentiment fell more than expected on a triple whammy of coronavirus, Brexit and U.S. election angst
• The pair currently is approaching support at 1.7616 (23.6% fib). A break under 1.7616 would unmask 1.7300 level in the short term.
• Technical signals are bearish as RSI is at 45, daily momentum studies 5, 9 and 10 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.7709 ( 21 DMA), any close above will push the pair towards 1.7778 (38.2%fib )
• On the downside, support is seen at 1.7616 (23.6% fib ) and break below could take the pair towards 1 .7498(Lower BB)
Recommendation: Good to sell around 1.7670, with stop loss of 1.7800 and target price of 1.7550.
