• EUR/NZD pulled back from earlier gains on Monday as investors digested election victory of Germany's conservatives.
• Friedrich Merz is set to become Germany's next chancellor after his conservative opposition party won the national election on Sunday.
• German coalition talks begin as EU leaders prepare for an extraordinary summit on March 6 to discuss further support for Ukraine and funding for European defense needs.
•Technical are bearish, daily RSI is negative at 43, daily momentum studies 11and 14 DMAs are trending down.
•Immediate resistance is located at 1.8332 (61.8% fib), any close above will push the pair towards 1.8400(Feb 19th high).
•Strong support is seen at 1.8173 (50%fib) and break below could take the pair towards 1.7996 (38.2%fib).
Recommendation: Good to sell around 1.6380, with stop loss of 1.6450 and target price of 1.6300
