• EUR/NZD initially declined on Friday but recovered some ground as unexpected strong non-farm payrolls relieved downside pressure.
• EUR/NZD fell to 1.6210 before steadying around 1.6236 in late US session.
• EUR/NZD it is just trading above the session low at 1.6210,A close below 1.6187 (38.2%fib)would add further bearish pressure.
•Technical are bearish, daily RSI is negative at 31, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6281(50%fib ), any close above will push the pair towards 1.6323 (21DMA).
•Immediate support is seen at 1.6187 (38.2%fib) and break below could take the pair towards 1.6074 (23.6% fib).
Recommendation: Good to sell around 1.6240, with stop loss of 1.6340 and target price of 1.6160
