FxWirePro: EUR/NZD struggle to extend its recovery, good to sell on rally

• EUR/NZD edged higher on Monday   but the gains were  capped   ahead of  a week full of central bank meetings.

• BoE, Fed and ECB are scheduled to announce their monetary policy decisions during the week. The three major central banks are seen keeping rates unchanged at their respective meetings this week.  

• Pair traded in   1.7629/1.7537 range and was last trading at 1.7581. 

• Technical signals are bearish as RSI is at 35, daily momentum studies  5,9 and 10 DMAs are trending down. 

•  Immediate resistance is located at 1.7589( 38.2%fib), any close above will push the pair towards 1.7626(11DMA).

• Strong  support is seen at 1.7537(Daily low ) and break below could take the pair towards 1.7485 (23.6%fib).
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Recommendation: Good to sell  around 1.7600, with stop loss of 1.7700 and target price of 1.7500.