• EUR/NZD recovered some ground from initial decline on Monday as market was reluctance to add to positions ahead of Eurozone PMI data on Wednesday.
• EUR/NZD recovers towards 1.6850 and holds near the day's high in late US session.
• Bulls will need a clear 1.6904 ( 50%fib)to take greater control, failure to break higher will spur fresh downward momentum.
• Technical signals are trending down as RSI is lower at 47, moving averages are pointing southwards.
• Immediate resistance is located at 1.6904 ( 50%fib), any close above will push the pair towards 1.6967( 61.8% fib).
• Immediate support is seen at 1.6841 (38.2%fib) and break below could take the pair towards 1.6759(23.6%fib).
Recommendation: Good to sell around 1.6860, with stop loss of 1.6930 and target price of 1.6800.
