• EUR/NZD declined on Friday as strong commodity prices and buoyant risk appetite boosted New Zealand dollar.
• EUR/NZD dived below the 38.2% fib and trades down to a 1.6687 low.
• Technical lean bearish, RSI is lower at 47, momentum studies, 9, 11 DMAs falling southwards.
• Immediate resistance is located at 1.6899( 38.2%fib), any close above will push the pair towards 1.6955 (50% fib)
• Support is seen at 1.6853 (Daily low ) and break below could take the pair towards 1.6830 (23.6%fib).
Recommendation: Good to sell around 1.6880, with stop loss of 1.6950 and target price of 1.6780.
