FxWirePro: EUR/NZD heads deeper into bear territory, 23.6% fibonacci eyed

• EUR/NZD recovered some ground on Friday as the pair slight recovery was aided by profit-taking on shorts on the last day of the week.

• The pair is currently approaching resistance at 1.6780( 38.2%fib). Resistance at 1.6780 is likely to cap further upside in the pair.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 41.

• Immediate resistance is located at 1.6780( 38.2%fib), any close above will push the pair towards 1.68333 ( 50 % fib).

• Strong support is seen at 1.9843 (38.2% fib ) and break below could take the pair towards 1.9659 (23.6% fib).

Recommendation: Good to sell around 1.6770, with stop loss of 1.6830 and target price of 1.6700.