• EUR/NZD declined on Tuesday as traders remained short as investors grappled with a surge in coronavirus cases and uncertainty over the impending U.S. election.
• Selling pressure will remain in the short-term, only a move above 2.0140 ( 61.8 % 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 1.7475 at back in play
• Technical signals show the pair could lose more ground as RSI is at 43 bearish, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.7672 (38.2%fib), any close above will push the pair towards 1.7756(9 DMA).
• Immediate support is seen at 1.7575 (Lower BB) and break below could take the pair towards 1.7475 (23.6% fib).
Recommendation: Good to sell round 1.7610, with stop loss of 1.7870 and target price of 1.7480
