• EUR/NZD declined on Monday as COVID vaccinations efforts lag In European union increased selling pressure in the pair.
• EUR/NZD pushed up to 1.6691 but went negative as the cross pair gave back early gains.
• Any upside correction is likely to be temporary as barrier at 1.6715 (38.2%fib) is set to restrict higher move.
• Technical signals show the pair could gain more ground as RSI is at 45 bearish, and 5, 9,10 DMA’s are trending south.
• Immediate resistance is located at 1.6715 (38.2%fib), any close above will push the pair towards 1.6803 (50DMA).
• Immediate support is seen at 1.6581 (Daily low) and break below could take the pair towards 1.6505 (23.6% fib).
Recommendation: Good to sell round 1.6630, with stop loss of 1.6780 and target price of 1.6510
