• EUR/NZD declined on Monday as kiwi dollar was driven higher by news that virus curbs in New Zealand will be phased out by the end of the month.
• New Zealand is set ease COVID19 restrictions in its largest city from Wednesday as vaccination rates rise and lockdown measures will likely be lifted by the end of the month.
• The is pair heading towards the 23.6%fib support as trend is like be driven by current price action, only a break and daily close above 1.6276 (50%fib) will shift bias to the upside.
• Technical signals are bearish as RSI is at 38, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6188 (38.2%fib ), any close above will push the pair towards 1.6222 (5DMA).
• Immediate support is seen at 1.6128 (Daily low ) and break below could take the pair towards 1.6079 (23.6%fib).
Recommendation: Good to sell around 1.6180, with stop loss of 1.6280 and target price of 1.6100.
