FxWirePro:EUR/NZD gives back chunk of early gains, eyes another drop

• 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