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

• EUR/NZD edged lower  on Tuesday as  Eurozone inflation data  and concerns of economic fallout for the EU on the Russia oil ban weighed on the euro .

•Eurozone  Inflation rose to a record high in May, beating  forecasts and indicating that it is no longer just energy pulling up the headline figure.

•EUR/NZD remains vulnerable, only a break and daily close above 50% fib at 1.6594 will shift bias to the upside.

•Technical signals show the pair could lose more ground in the short-term as RSI is at 63  bearish, daily momentum studies  5, 9 and 11 DMAs are trending  dolwn. 

• Immediate resistance is located at 1.6470 (5DMA), any close above will push the pair towards 1.6594 (50%fib).

• Strong support is seen at 1.6371 (38.2%fib) and break below could take the pair towards 1.6307 (Lower BB ).

Recommendation: Good to sell around 1.6450, with stop loss of 1.6580 and target price of 1.6390