• EUR/NZD declined on Tuesday as concerns of another round of harsh Western sanctions on Russia weighed on euro.
•The European Commission proposed on Tuesday new sanctions against Russia over its invasion of Ukraine
• Todays drop has put EUR/NZD back below 38.2%fib and has put the 23.6%fib 1.5471 at back in play
• Technical signals show the pair could lose more ground as RSI is at 29 bearish, and 5, 9,11 DMA’s are trending south.
• Immediate resistance is located at 1.5744 (38.2%fib), any close above will push the pair towards 1.5858(5DMA).
• Immediate support is seen at 1.5572 (Lower BB) and break below could take the pair towards 1.5471 (23.6% fib).
Recommendation: Good to sell round 1.5690, with stop loss of 1.5850 and target price of 1.5530
