• EUR/NZD recovered some ground on Monday as gains were tied to U.S. market holiday and looming ECB meeting on Thursday.
• EUR/NZD found buyers at 1.6576 (support), rally lifts the pair towards 1.6623. A break and daily close below 1.6576 will accelerate further downtrend.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 38 bearish, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.6554 (5DMA), any close above will push the pair towards 1.6675 (38.2%fib).
• Strong support is seen at 1.6576 (23.6%fib) and break below could take the pair towards 1.6518(Lower BB )
Recommendation: Good to sell around 1.6640, with stop loss of 1.6720 and target price of 1.6570
