• EUR/NZD dipped on Monday as euro attracted sellers on skepticism about EU council rescue fund proposal and rising tensions between china and US.
• In coming sessions the pair is set to drop towards 1.7600.A break and daily close below 100-DMA would weaken the outlook further.
• Technical signals show RSI is at 43, daily momentum studies 9, 10 and 11 DMAs are trending downwards (Bearish setup).
• On the upside, Immediate resistance is located at 1.7941 (38.2% fib), any close above will push the pair towards 1.8030 (50 % fib).
• On the downside, strong support is seen at 1.7668 (100 DMA) and break below could take the pair towards 1.7467(23.6% fib )
Recommendation: Good to sell around 1.7850, with stop loss of 1.8000 and target price of 1.7600
