• EUR/NZD recovered some ground on upbeat euro zone economic growth data but gains were limited as fears of recession in Eurozone outweighed upbeat Eurozone GDP data .
• Euro zone economic growth accelerated quarter-on-quarter in the second quarter, defying expectations of a slowdown.
• EUR / NZD approached to test resistance 1.6319. (23.6% fib) but retreated as GBP lost strength..
• EUR /NZD sentiment is bearish as Eurozone energy supply fears and Eurozone growth concerns is likely to pull the euro lower.
• Immediate resistance is located at 1.6332( 5DMA), any close above will push the pair towards 1.6375 ( 38.2% fib).
• Immediate support is seen at 1.6221 (38.2%fib) and break below could take the pair towards 1.6132(Lower BB).
Recommendation: Good to sell around 1.6250, with stop loss of 1.6370 and target price of 1.6140.
