• EUR/NZD declined for the second day on Tuesday as bulls run out of stem just shy of higher bollinger bands.
• The pair broke support at 1.7932 (9 DMA) and is approaching 1.7744(lower bollinger bands). A close below will opens up 1.7550 level.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is bearish at 45.
• On the upside, Immediate resistance is located at 1.7918 ( 9 DMA), any close above will push the pair towards 1.8006 (38.2% fib).
• On the downside, strong support is seen at 1.7744(lower bollinger bands) and break below could take the pair towards 1.7550 (23.6% fib).
Recommendation: Good to sell around 1.7870, with stop loss of 1.8200 and target price of 1.7550
