• EUR/NZD declined for the second day on Tuesday as euro remained sluggish against NZ dollar despite better than expected German IFO .
• EUR failed to gain as upcoming EU vote on Franco-Germany recovery plan kept buyers cautions
• The pair broke support at 1.7830 ( 5 DMA )and is testing 1.76679 (100 DMA). A close below will opens up 1.7458 level.
• Technically 21 day 30-day momentum remains negative and RSI has sharply turned lower.
• Immediate resistance is located at 1.7830 ( 5 DMA), any close above will push the pair towards 1.7934 (38.2 % fib).
• Strong support is seen at 1.7667 (100 DMA) and break below could take the pair towards 1.7458 (23.6% fib).
Recommendation: Good to sell around 1.7700, with stop loss of 1.8200 and target price of 1.7550
