FxWirePro: EUR/NZD stung by fears of U.S. banking contagion, good to sell on rally

• EUR/ NZD  declined  sharply  on Monday  as the pair  attracted sellers following collapse of Silicon Valley Bank.

•Fears of contagion from the collapse of Silicon Valley Bank sent shockwaves through financial markets Monday.

 •Scope is growing for an eventual break under the 1.7215 (38.2%fib) level, an eventual break below 38.2%fib will accelerate further down.

•Immediate resistance is located at 1.7825(28th Feb high), any close above will push the pair towards 1.7413 (23.6%fib).

•Immediate support is seen at 1.7215 (38.2%fib) and break below could take the pair towards 1.7122 (21DMA).

Recommendation: Good to sell around 1.7230, with stop loss of 1.7330 and target price of 1.7140