• EUR/NZD declined sharply on Thursday as euro continued its downward march amid uncertainty over French elections.
• The fast-moving political developments came after Macron's shock decision to call a snap parliamentary election in a few weeks.
• Data revealed that euro zone industrial production declined by 0.1% in April, contrary to analysts' predictions of a 0.2% increase.
• Technical lean bearish, RSI is lower at 33, momentum studies, 9, 11 DMAs falling southwards.
• Immediate resistance is located at 1.7512(38.2% fib), any close above will push the pair towards 1.7602( 50% fib)
• Support is seen at 1.7395(23.6%fib) and break below could take the pair towards 1.7300 (Psychological level).
Recommendation: Good to sell around 1.7400, with stop loss of 1.7500 and target price of 1.7340
