• EUR/NZD rose higher initially on Friday but gave up most of the ground as worries that major economies will tip into recession attracted sellers
• EUR/NZD approached to test resistance 1.7799 (23.6% fib) but retreated as bulls lost strength.
•Sharp retreat has put EUR/NZD back below 5DMA and has put the 50%fib 1.6711 at back in play.
• Immediate resistance is located at 1.6793 (5DMA), any close above will push the pair towards 1.6953 (23.6% fib).
• Strong support is seen at 1.6711 (50% fib) and break below could take the pair towards 1.6602 (30DMA )
Recommendation: Good to sell around 1.6780, with stop loss of 1.6900 and target price of 1.6700
