• EUR/NZD declined on Monday as euro was weighed down after data showed German Ifo business climate index missed expectations.
• The Ifo institute said its business climate index edged up to 96.8 from 96.6 in March. A analysts had pointed to a bigger increase to 97.8.
• EUR/NZD dived below the 38.2% fib and trades down to a 1.6687 low.
• Technical lean bearish, RSI is turning sharply lower, momentum studies, 9, 11 DMAs falling southwards.
• Immediate resistance is located at 1.6803( 14 DMA), any close above will push the pair towards 1.6842(38.2% fib)
• Support is seen at 1.6635(Lower BB ) and break below could take the pair towards 1.6566 (23.6%fib).
Recommendation: Good to sell around 1.6750, with stop loss of 1.6850 and target price of 1.6650.
