• EUR/NZD initially dipped on concern about the euro zone's economic prospects but recovered some ground as investors digested minutes from the Fed's latest policy meeting.
• The euro has remained under pressure due to the eurozone’s energy vulnerability as Russian natural gas supplies dwindle.
• The pair currently is approaching support at lower BB. A break below would unmask 1.6450 level in the short term.
• Immediate resistance is located at 1.6613( 30DMA), any close above will push the pair towards 1.6670(50%fib).
• Strong support is seen at 1.6489 (Lower BB) and break below could take the pair towards 1.6438 (38.2%fib).
Recommendation: Good to sell around 1.6560, with stop loss of 1.6670 and target price of 1.6480
