• EUR/NZD initially strengthen on Monday but gave up ground as investors were cautious ahead of the French general elections on 30 June and 7 July.
• Investors are closely monitoring polls ahead of the French election to position for various potential outcomes.
• On the data front, German business morale unexpectedly fell in June due to more pessimistic expectations of Europe's largest economy, according to a survey.
• Technical are bearish, daily RSI is negative at 43, daily momentum studies 21 and 30 DMAs are trending down.
• Immediate resistance is located at 1.7546 (38.2% fib), any close above will push the pair towards 1.7635 (50% fib).
• Strong support is seen at 1.7444 (23.6% fib)and break below could take the pair towards 1.7380 (Lower BB).
Recommendation: Good to sell on around 1.7530, with stop loss of 1.7650, and target price of 1.7450
