• EUR/NZD strengthened on Thursday from early dip as economic slowdown fears tempered risk sentiment.
• The euro erased Wednesday's losses against the kiwi dollar , the pair was last up at 0.10% at 1.6546 .
• From a technical viewpoint, RSI is strongly bearish at 41, daily momentum studies, 5, 10 and 11 daily MAs are pointing lower.
• Immediate resistance is located at 1.6572 (5DMA), any close above will push the pair towards 1.6643 (50%fib).
• Immediate support is seen at 1.6472 (38.2%fib) and break below could take the pair towards 1.6403 (Lower BB).
Recommendation: Good to sell around 1.6550, with stop loss of 1.6634 and target price of 1.6480
