• EUR/NZD declined on Friday as traders remained short as investors grappled with a surge in coronavirus cases and lockdown prospects in Eurozone .
• Pair traded in a quiet 1.1666/1.6088 range and was last trading at 1.6131 in late US session.
• Selling pressure will remain in the short-term, only a move above 1.6300 ( 50 % fib) strong resistance will shift the bias higher.
• Technical signals show the pair could lose more ground as RSI is at 41 bearish, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.6143 (5DMA), any close above will push the pair towards 1.6207(38.2%fib).
• Immediate support is seen at 1.6085 (23.6%fib) and break below could take the pair towards 1.6000(Psychological level).
Recommendation: Good to sell round 1.6110, with stop loss of 1.6220 and target price of 1.6070
