• EUR/NZD dipped on Tuesday as rise in commodity prices boosted the commodity-price sensitive New Zealand dollar.
• EUR/NZD fell 1.6600 level, Break below 1.6544 (50%fib) will give bears greater control.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 49 bearish, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.6615 (30DMA), any close above will push the pair towards 1.6656 (38.2%fib).
• Strong support is seen at 1.6544 (50%fib) and break below could take the pair towards 1.6428 (61.8% fib ).
Recommendation: Good to sell around 1.6560, with stop loss of 1.6680 and target price of 1.6500
