• EUR/NZD declined on Monday as kiwi dollar benefited against euro on improved risk sentiment..
• Selling pressure will remain in the short-term, only a move above 1.7502(38.2%fib)strong resistance will shift the bias higher.
• Technical signals show the pair could lose more ground as RSI is at 38 bearish, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.7502(38.2%fib), any close above will push the pair towards 1.7565(5 DMA).
• Immediate support is seen at 1.7347 (50%fib) and break below could take the pair towards 1.7231 (April 6th low).
Recommendation: Good to sell round 1.7360, with stop loss of 1.7470 and target price of 1.7260
