• 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.
