•EUR/NZD erased earlier gains on Monday as fears an energy crisis could push the region into recession weighed on euro.
•Markets have had a hard couple of weeks on recession worries, and the euro coming near parity with the dollar
•Technical signals show the pair is set to lose ground in the short-term as RSI is at 39 bearish, daily and weekly 5, 10 & 21 MAs heading lower .
•Immediate resistance is located at 1.6523 (50%fib), any close above will push the pair towards 1.6618( 9 DMA)
• Support is seen at 1.6402 (Lower BB) and break below could take the pair towards 1.6357 (38.2%fib).
Recommendation: Good to sell on rally around 1.6440, with stop loss of 1.6580 and target price of 1.6300
