• EUR/NZD edged higher on Friday as the pair held most of the days gains on short covering.
• EUR/NZD has seen a 1.8078-1.7955 range on Friday, it was last trading at 1.8063 .
• A close below 50% fib support will give further momentum to bears, opening the way for a run towards 1.7850 level.
• Technical signals are bearish as RSI is lower at 46 , daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.8078(38.2%fib), any close above will push the pair towards 1.8114( 5DMA)
• Strong support is seen at 1.7955 (50% fib) and break below could take the pair towards 1.7832(61.8% fib).
Recommendation: Good to sell around 1.8070, with stop loss of 1.8190 and target price of 1.8000
