FxWirePro: EUR/NZD heads deeper into bear territory, bears plotting path toward 1.6400

• EUR/NZD declined on Monday   as improved market sentiment pushed demand for risk-sensitive currencies  line New Zealand dollar.

•Traders sought currencies with close ties to the global commodities trade due to an improving economic outlook.

•Trend remains strongly bearish  and any retracement is likely to be modest.

• Technical lean bearish, RSI is   lower at 31, momentum studies, 9, 11 DMAs falling southwards. 

• Immediate resistance is located at 1.6672 ( 38.2% fib), any close above will push the pair towards 1.6725 (9 DMA).

• Immediate support is seen at 1.6543(Lower BB ) and break below could take the pair towards 1.6452(23.6% fib).

 Recommendation: Good to sell   around 1.6580, with stop loss of 1.6680and target price of 1.6480.