• EUR/NZD initially gained on Tuesday but rally fizzed as political uncertainty in continues to weigh on the Euro.
• Euro face uncertainty that is likely to continue leading up to French parliamentary elections on June 30 and July 7.
• Selling pressure will remain in the short-term, only a move above ( 50 % fib) strong resistance will shift the bias higher.
• 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 1.7522(38.2%fib), any close above will push the pair towards 1.7612(50%fib).
• Immediate support is seen at 1.7419(23.6% fib) and break below could take the pair towards 1.7319 (Lower BB).
Recommendation: Good to sell round 1.7500 , with stop loss of 1.7600 and target price of 1.7430
