• EUR/NZD dropped lowery on Tuesday as escalating geopolitical tensions and higher commodity prices boosted kiwi dollar.
• Oil prices rebounded from early session losses and settled slightly higher. Iron ore futures rose for a second consecutive session to a one-week high on Tuesday. Gold rose 0.69% amid concerns about the war in Ukraine escalating
• The technical outlook remains bearish and points to eventual bigger losses, Fourteen-day momentum is negative, reinforcing the scope for a bigger slump
• Immediate resistance is located at 1.7885(50%fib), any close above will push the pair towards 1.8020(November 19th high)
• Support is seen at 1.7888(38.2%fib) and break below could take the pair towards 1.7782 (23.6%fib))
Recommendation: Good to sell around 1.7920, with stop loss of 1.8000 and target price of 1.7850
