• EUR/NZD declined on Friday as euro attracted sellers on lack of progress in Russia-Ukraine peace talks and growing risk recession in Eurozone.
• Russia demanded purchases of its nat gas exports be made in roubles as the Eurozone grapples with multi-decade high inflation and growing recession risk .
• Technical signals show the pair could lose more ground as RSI is falling at 39, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.6021 (38.2%fib), any close above will push the pair towards 1.62228(50%fib).
• Immediate support is seen at 1.5905 (11DMA) and break below could take the pair towards 1.5760 (23.6%fib).
Recommendation: Good to sell round 1.5950, with stop loss of 1.6050 and target price of 1.5880
