• EUR/NZD declined on Thursday as euro was weighed down by dovish central bank comments and stronger New Zealand dollar.
• The pair currently is approaching support at 1.6680(38.2% fib ). A break under 1.6680 would unmask 1.6600 level in the short term.
• Technical signals are bearish as RSI is at 44 , daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6748 ( 50%fib), any close above will push the pair towards 1.6782(Ichimoku cloud top)
• Strong support is seen at 1.6680(38.2% fib ) and break below could take the pair towards 1.6653 (Ichimoku cloud base).
Recommendation: Good to sell on rally around 1.6740, with stop loss of 1.68000 and target price of 1.6650.
