• EUR/NZD declined below 1.7500 level on Tuesday as French political concerns continued to weigh on the euro.
• French President Emmanuel Macron called for a snap election following a trouncing of his ruling centrist party in the European Parliament elections.
• On the data front, German investor morale slowed, according to the ZEW economic research institute. The institute reported a modest increase in its economic sentiment index, which did not meet expectations.
• Technical signals show the pair could lose more ground as RSI is at 37 bearish, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.7576(38.2%fib), any close above will push the pair towards 1.7683(50%fib).
• Immediate support is seen at 1.7448(23.6% fib) and break below could take the pair towards 1.7388 (Lower BB).
Recommendation: Good to sell round 1.7480 , with stop loss of 1.7600 and target price of 1.7410
