• EUR/NZD declined on Thursday as a lack of progress in peace talks between Russia and Ukraine weighed on euro.
• Despite optimistic peace talks would lead to a ceasefire, no quick resolution is expected.
• At GMT 16:44, the pair was trading up 0.05 percent at 1.5987, after hitting daily high at 1.6081.
• Technical signals show the pair could lose more ground as RSI is at 39 bearish, and 5, 11,14 DMA’s are trending south.
• Immediate resistance is located at 1.6014 (38.2%fib), any close above will push the pair towards 1.6221(50%fib).
• Immediate support is seen at 1.5914(5DMA) and break below could take the pair towards 1.5760 (23.6% fib).
Recommendation: Good to sell round 1.5990, with stop loss of 1.6100 and target price of 1.5900
