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FxWirePro:EUR/NZD neutral in the near-term, scope for downward resumption

• EUR/NZD initially gained on Monday but lost most of the  ground  as markets were on the defensive as caution set in ahead  of central bank meetings and big-ticket U.S. economic data.

• The pair’s recovery stalled after finding resistance at 1.5633(38.2%fib). Repeated failures at 1.6812( 38.2%fib)a warning for EUR/NZD  bulls as rally tires.

• Technical signals are trending down as RSI is bearish at 49, daily momentum studies  5, 9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.6812( 38.2%fib), any close above will push the pair towards 1.5667 (100DMA)

•  Support is seen at 1.6706 (50DMA) and break below could take the pair towards 1.6682 (23.6%fib).

 Recommendation: Good to sell   around 1.6750, with stop loss of 1.6850 and target price of 1.6680.
 

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