• EUR/NZD declined on Thursday as traders remained short as investors were concerned about the Eurozone’s energy crisis.
• Selling pressure will remain in the short-term, only a move above 1.6370 ( 38.2 % fib) strong resistance will shift the bias higher.
• Technical signals show the pair could lose more ground as RSI is at 33 bearish, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.6242 (5DMA), any close above will push the pair towards 1.6370(38.2% fib).
• Immediate support is seen at 1.6168 (23.6% fib) and break below could take the pair towards 1.6120 (Lower BB).
Recommendation: Good to sell round 1.6200, with stop loss of 1.6360 and target price of 1.6130
