• EUR/NZD declined on Monday as disappointing reports about the efficacy of COVID-19 vaccines against new strains of the virus weighed on the pair.
• Sketchy progress in fighting the coronavirus pandemic is seen as a threat by investors, that could further selling pressure on EUR/NZD.
• EUR/NZD trades towards the lower end of its 2021 range , fresh drop could be in the pipeline.
• Technical signals show the pair could lose more ground as RSI is at 36 bearish, and 5, 9,11, DMA’s are trending south.
• Immediate resistance is located at 1.6670 (5EMA), any close above will push the pair towards 1.6788 (23.6%fib).
• Immediate support is seen at 1.6636 (Feb 4th low) and break below could take the pair towards 1.6600 (Psychological level)."
Recommendation: Good to sell round 1.6690, with stop loss of 1.6750 and target price of 1.6580
