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

• EUR/NZD initially gained  on Tuesday but gave some ground as political uncertainty in France kept   investor sentiment..

• French parliamentarians will vote on no-confidence votes on Wednesday, which are almost guaranteed to destabilize Michel Barnier's shaky coalition and exacerbate the political crisis in the eurozone's second-largest economy.

• The euro zone GDP, retail sales and PMI data will likely set the market tone through the remainder of the week.

• The technical outlook remains bearish and points to eventual bigger losses, fourteen-day momentum is negative, reinforcing the scope for a bigger slump 

• Immediate resistance is located at 1.7909(50%fib), any close above will push the pair towards 1.8009(61.8%fib)

• Support is seen at 1.7824(50%fib) and break below could take the pair towards 1.7784(Lower BB)

Recommendation: Good to sell around 1.7890, with stop loss of 1.7970 and target price of 1.7800