• EUR/NZD declined on Monday as increased risk sentiment and tempered hawkish expectations for Fed Chair Jerome Powell's Jackson Hole speech on Aug 27 hinder the pair’s upside progress.
•Investors are less confident Fed Chair Jerome Powell's speech at Jackson Hole this week will indicate a timeline for winding down the Fed's bond-buying program.
•The pair is approaching 50% retracement at 1.7017, a daily close below which will accelerate downside towards 1.6950 level.
• Technicals are mixed as moving averages are pointing upwards, while the RSI is turning lower.
• Immediate resistance is located at 1.7071 ( 38.2%fib), any close above will push the pair towards 1.7144 (23.6%fib).
• Strong support is seen at 1.7017 (50% fib ) and break below could take the pair towards 1.6952 (61.8%fib).
Recommendation: Good to sell around 1.7040, with stop loss of 1.7100 and target price of 1.6980.
