• EUR/NZD declined on Tuesday as higher oil prices boosted commodity linked kiwi dollar .
• The euro erased Monday’s gains against the kiwi dollar , the pair was last down at 0.2 % at 1.6771 .
• Todays drop has put EUR/NZD back below 11DMA and has put the (38.2%fib 1.6758) back in play
• Technical signals show the pair could lose more ground as RSI is at 47 bearish, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.6858 (11DMA), any close above will push the pair towards 1.6884(50%fib).
• Immediate support is seen at 1.6758(38.2%fib) and break below could take the pair towards 1.6705 (Lower BB).
Recommendation: Good to sell round 1.6780, with stop loss of 1.6880 and target price of 1.6700
