• EUR/NZD declined on Wednesday as upbeat New Zealand jobs data boosted kiwi dollar across the board.
• New Zealand’s unemployment rate unexpectedly dipped to 4.7% in the March quarter, economists had predicted it would stay at 4.9%.
• Selling pressure will remain in the short-term, only a move above 1.6848(50%fib) strong resistance will shift the bias higher.
• Recent drop has put EUR/NZD back below 38.2%fib and has put the 23.6%fib 1.6571 (23.6% fib)at back in play.
• Technical signals show the pair could lose more ground as RSI is at 43 bearish, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.6723 (38.2%fib), any close above will push the pair towards 1.6848(50%fib).
• Immediate support is seen at 1.6608 (Lower BB) and break below could take the pair towards 1.6571 (23.6% fib).
Recommendation: Good to sell round 1.6660, with stop loss of 1.6720 and target price of 1.6570
