• EUR/NZD retreated slightly on Monday after France's new Prime Minister Sebastien Lecornu and his government resigned on Monday.
• Prime Minister Sébastien Lecornu resigned just hours after presenting his cabinet to President Emmanuel Macron, creating the shortest-lived government in modern French history.
• France has cycled through three prime ministers in less than a year, each struggling and ultimately failing to push through unpopular budgets, with the latest setback coming on Monday.
• Investors are worried about France's creditworthiness, compounded by a ratings downgrade last month. On.
• Immediate resistance is located at 2.0163 (Daily high), any close above will push the pair towards 2.0313 (23.6%fib).
• Immediate support is seen at 2.0058 (SMA 20) and break below could take the pair towards 1.9992 (38.2%fib).
Recommendation: Good to buy on dips around 2.0000 with stop loss of 1.9950 and target price of 2.0080
