• EUR/NZD declined on Friday as European Central Bank's dovish tone at a monetary policy meeting on Thursday and strong U.S economic data weighed on euro.
• ECB’s dovish tone and U.S. data overshadowed above-forecast euro zone inflation and gains in euro zone rates.
• Technical signals show the pair could lose more ground in the short-term as RSI is bearish, daily momentum studies 5 and 9 DMAs are trending down.
• Immediate resistance is located at 1.6140 (23.6%fib), any close above will push the pair towards 1.6255(38.2%fib).
• Strong support is seen 1.6114 (Daily low) and break below could take the pair towards 1.6000(Psychological level)
Recommendation: Good to sell around 1.6120, with stop loss of 1.6200 and target price of 1.6050
