• EUR/NZD recovered some ground on Tuesday as improved market sentiment and upbeat German exports data supported euro.
•German exports rose in December as solid trade with China and the United States helped Europe’s largest economy.
• Ranges within 1.6800-1.6646 is looking likely in wake of today's action.The inability to maintain upward momentum suggests the EUR/NZD has more downside.
• Technicals lean bearish as monthly RSIs is falling and EUR/NZD trades below slew of daily MAs .
• Immediate resistance is located at 1.6767 (11DMA), any close above will push the pair towards 1.6797 (23.6%fib).
• Immediate support is seen at 1.6651 (23.6% fib) and break below could take the pair towards 1.6600 (Psychological level).
Recommendation: Good to sell around 1.6780, with stop loss of 1.6850 and target price of 1.6700
