• EUR/NZD dipped on Thursday as on-going concerns about political instability in the Eurozone continue to erode investor confidence in the Euro.
• On the data front, German producer prices fell slightly more than expected in May, while flash estimates showed consumer confidence in the euro zone rose by 0.3% in June.
• On Thursday, the euro faced continued downward pressure, declining by 0.12% against the kiwi dollar to reach 1.7505.
• Technical signals are bearish as RSI is at 40, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.7534 (Daily high ), any close above will push the pair towards 1.7576(38.2%fib).
• Strong support is seen at 1.7465(23.6%fib) and break below could take the pair towards 1.7389(Lower BB).
Recommendation: Good to sell around 1.7510, with stop loss of 1.7600 and target price of 1.7420
