• EUR/NZD initially dipped on Friday, but recovered some ground as investors booked profit after U.S. non-farm payrolls data.
• EUR/NZD hits daily low at 1.6649 but recovered to trade at 1.6709. The pair remains vulnerable, only a break and daily close above 1.9800 (38.2% fib)at 1.6795will shift bias to the upside.
• Technical lean bearish, RSI is trending down , momentum studies, 9, 10,11 DMAs are trending southwards.
• Immediate resistance is located at 1.6725( 5DMA), any close above will push the pair towards 1.6742 (38.2%fib).
• Support is seen at 1.6625(Daily low) and break below could take the pair towards 1.6602 (23.6%fib).
Recommendation: Good to sell around 1.6700, with stop loss of 1.6800 and target price of 1.6620.
