• EUR/NZD dipped on Tuesday as delays in vaccine rollouts, down beat EU GDP data and forced lock-downs in many European capitals weighed on the pair.
• EUR/NZD initially rally stalls after finding resistence at 38.2% fib. Support at 1.6543 (Lower BB) is now threatened.
• The ECB meets on Thursday and is widely expected to keep policy on hold. ECB President Lagarde will also unveil quarterly economic forecasts at her press conference
• Technical signals favours bearish sentiment, RSI is at 44 and pair trades below 5,9 & 11-DMAs.
• Resistance is located at 1.6667 ( 38.2%fib) and at 1.6806 (50%fib).
• Support is found at 1.6543 (Lower BB) and at 1.6511 (23.6% fib).
Recommendation: Good to sell around 1.6600, with stop loss of 1.6700 and target price of 1.6520
