• EUR/NZD initially declined on Monday but recovered some ground as Ukraine-Russia tensions kept investors on the edge.
• Growing strains between Russia and Ukraine have kept market participants on edge, dominating asset price action for more than a week now.
•Technical signals show the pair could lose more ground as RSI is falling, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.6934(50%fib), any close above will push the pair towards 1.7000 (Psychological level).
• Immediate support is seen at 1.6892 (38.2%fib) and break below could take the pair towards 1.6751(Lower BB).
Recommendation: Good to sell round 1.6920, with stop loss of 1.7120 and target price of 1.6850
