• EUR/NZD recovered some ground on Friday as shorts ceded some ground ahead of weekend
• EUR/NZD recovered to trade last at 1.7615, Price contained between two Fibo retrace levels, 1.7629 and 1.7528
• Technical signals are bearish as RSI is at 48, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.7629 ( 50%fib), any close above will push the pair towards 1.7666 (5DMA)
• Strong support is seen at 1.7528 (38.2%fib) and break below could take the pair towards 1.7459 (Lower BB).
Recommendation: Good to sell around 1.7630, with stop loss of 1.7720 and target price of 1.7550.
