• EUR/NZD declined on Monday as renewed surge in the coronavirus pandemic in Europe and uncertainty over upcoming U.S. election weighed on euro.
• Selling pressure will remain in the short-term, only a move above 1.7829 ( 50 % fib) strong resistance will shift the bias higher.
• Recent drop has put EUR/NZD back below 38.2%fib and has put the 23.6% fib 1.7473 at back in play.
• Technical signals show the pair could lose more ground as RSI is at 41 bearish, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.7669 (38.2%fib), any close above will push the pair towards 1.7731 (30 DMA).
• Immediate support is seen at 1.7473 (23.6%fib) and break below could take the pair towards 1.7400 (Psychological level).
Recommendation: Good to sell around 1.7550, with stop loss of 1.7800 and target price of 1.7450
