• EUR/NZD declined on Monday as recession fears in Eurozone and uncertainty surrounding the war in Ukraine weighed on euro.
• Eurozone investor sentiment fell to its lowest level in nearly two years, a sentix survey showed on Monday, as uncertainty push the bloc into recession.
• Bearish signals further increased after todays drop.Pair falls sharply below the 5-DMA & 38.2%fib retracement level
• Technical signals are bearish as RSI is turning lower, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.5898 ( 38.2%fib), any close above will push the pair towards 1.5996 (Daily high)
• Support is seen at 1.5688 (Lower BB ) and break below could take the pair towards 1.5633 (23.6%fib).
Recommendation: Good to sell on rally around 1.5790, with stop loss of 1.6100 and target price of 1.5680.
