FxWirePro: EUR/NZD reverses recent rally, bias back to downside

• EUR/NZD declined on Friday as U.S. plans to reopen economy, virus treatment hopes lifted commodity-linked  New Zealand dollar.

• At GMT 17:59, the pair was trading down 0.83 percent  at 1.8020 after reaching daily high at 1.8327.

•A daily bearish doji candle has formed and daily RSI is falling   both of which highlight bearish technicals.

• On the upside, Immediate resistance is located at 1.8018 ( 11 DMA), any close above will push the pair towards 1.8319 (50 % fib).

• On the downside, strong support is seen at 1.7967 (38.2% fib) and break below could take the pair towards 1.7894 (50 DMA).

Recommendation: Good to sell around 1.8100, with stop loss of 1.8600  and target price of 1.7650