• EUR/NZD declined on Monday as higher oil prices and reduced China data growth concerns boosted New Zealand dollar across the board.
• Oil prices rose on Monday on optimism that China would see significant demand recovery after positive signs that the country's coronavirus pandemic was receding
• The pair picked up downside momentum and is approaching 1.6510 (50% fib). A close below will opens up 1.6369 ( 61.8%fib).
• Immediate resistance is located at 1.6587( 5DMA), any close above will push the pair towards 1.6647(38.2%fib).
• Strong support is seen at 1.6510 (50% fib) and break below could take the pair towards 1.6369 ( 61.8%fib).
Recommendation: Good to sell around 1.6550, with stop loss of 1.6670 and target price of 1.6380
