• EUR/NZD declined on Thursday as strength in commodity markets boosted New Zealand dollar.
• Oil prices eased about 0.5% but remained close to a one-month high that was driven by more positive demand forecasts from the International Energy Agency (IEA).
• EUR/NZD could be on the verge of a deeper fall after sliding below 38.2%fib on Thursday.
• At GMT 18:19, the pair was trading down 0.45 percent at 1.6685.
• Technical signals are bearish as RSI is heading down at 44, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.6700 ( 38.2%fib), any close above will push the pair towards 1.6777 (50%fib)
• Strong support is seen at 1.6624 (23.6%fib ) and break below could take the pair towards 1.6611 (Lower BB).
Recommendation: Good to sell around 1.6700, with stop loss of 1.6790 and target price of 1.6620.
