• EUR/NZD declined on Tuesday as grim Eurozone outlook continued weigh on the pair.
• Concerns that Europe could fall into a recession have increased since the biggest single pipeline carrying Russian gas to Germany.
• Technical signals are bearish as RSI is at 36, daily momentum studies 5, 11 and 21 DMAs are trending down.
• Immediate resistance is located at 1.6415(38.2%fib ), any close above will push the pair towards 1.6453 (5DMA).
• Strong support is seen at 1.6364 (Lower BB) and break below could take the pair towards 1.6304 (23.6%fib).
Recommendation: Good to sell on rallies around 1.6400 with stop loss of 1.6500 and target price of 1.6310.
