FxWirePro: EUR/NZD scope further drop after rejection at 23.6%fib

• EUR/NZD initially rose  on Friday but gave up most of the ground as downbeat German industrial good orders data and concern on Europe's slow vaccine roll-out weighed on euro.

•Much of the concern for euro lies with the EU vaccination programme struggling with slow rollouts and shortages of vaccine.

• At GMT 17:59, the pair was trading up 0.09 percent  at 1.6726 after reaching daily high at 1.6787.

• Sustained break of  1.6646   would open the door 1.6600 (Psychological level). Close above 1.6858 (21DMA) is needed to undermine downside bias.

• Immediate resistance is located at 1.6784( 23.6%fib), any close above will push the pair towards 1.6900 (38.2% fib).

• Strong support is seen at 1.6646 (Lower BB) and break below could take the pair towards 1.6600 (Psychological level).

Recommendation: Good to sell around 1.6720, with stop loss of 1.6800  and target price of 1.6650