• EUR/NZD retreated on Friday as currencies early gains evaporated in thin holiday market.
• Price slides to 1.6694 from 1.6606 Daily high. The pair has seen 88 pip range, on Friday
• EUR/NZD is now on course to register a close below the 38.2%fib level, chart points to bigger drop towards 1.6500 level. .
• Immediate resistance is located at 1.6685(5DMA), any close above will push the pair towards 1.6745 (50%fib).
• Strong support is seen at 1.6572(38.2%fib) and break below could take the pair towards 1.6382 (23.6%fib).
Recommendation: Good to sell around 1.6610 with stop loss of 1.6710 and target price of 1.6530
