• EUR/NZD declined on Friday, as grim Eurozone outlook weighed on euro.
• The pair traded down to 1.7649 and was around there into the US afternoon.
• The pairs bias is lower, but progress will likely be slowed by the lower bollinger band at 1.7598
• Technical signals are bearish as RSI is at 39, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.7868 (5DMA ), any close above will push the pair towards 1.7892 (11 DMA).
• Strong support is seen at 1.7598 (lower bollinger band) and break below could take the pair towards 1.7529 (23.6% fib).
Recommendation: Good to sell on rallies around 1.7700, with stop loss of 1.7900 and target price of 1.7500.
