FxWirePro: EUR/NZD inches higher on profit-taking but setup is negative

• EUR/NZD   recovered ground on Monday as recovery rally   was aided by some profit-taking on shorts.

• The pullback from the low 1.5771 has passed through the 1.5900 level   and now eyes 11 DMA at 1.5950.

• Bulls will need a clear 1.6218( 50% fib) to take greater control, failure to break higher will spur fresh downward momentum.

• Technical signals are brearish  as RSI is still trending lower, moving averages are trending down. 

• Immediate resistance is located at 1.5950  ( 11 DMA), any close above will push the pair towards 1.6020( 38.2% fib).

• Immediate support is seen at 1.5764 (38.2%fib) and break below could take the pair towards 1.5685 (23.6%fib).

 Recommendation: Good to sell around 1.5950, with stop loss of 1.6020 and target price of 1.5770.