• EUR/NZD declined on Friday as concerns about a potential slowdown of Eurozone economy kept bearish pressure on the pair.
•German business morale deteriorated in March due to worsening supply chain issues resulting from high petrol prices and driver shortages, a survey showed on Friday.
• Selling pressure will remain in the short-term, only a move above 1.6028(38.2% fib) strong resistance will shift the bias higher.
• Technical signals show the pair could lose more ground as RSI is at 27 bearish, and 5, 9,11 DMA’s are trending south.
• Immediate resistance is located at 1.5953 (9DMA), any close above will push the pair towards 1.6028(38.2% fib).
• Immediate support is seen at 1. 5753(23.6% fib) and break below could take the pair towards 1.5641 (Lower BB).
Recommendation: Good to sell round 1.5790, with stop loss of 1.5960 and target price of 1.5700
