• EUR/NZD declined on Wednesday as on-going Ukraine crisis and surging commodity prices weighed on the pair.
• Oil prices rose in volatile trade, helped by the halt in Russian and Kazakh crude exports by the CPC pipeline.
• The pair is approaching 1.5753 (23.6% fib) support. A close below will opens up 1.5650 level in the short term.
• Technically 21 day 30-day momentum remains negative and RSI is trending lower.
• Immediate resistance is located at 1.5946 ( 5DMA), any close above will push the pair towards 1.6009(38.2%fib).
• Strong support is seen at 1.5753 (23.6% fib), break below could take the pair towards 1.5647 (Lower BB).
Recommendation: Good to sell around 1.5810, with stop loss of 1.5940 and target price of 1.5710
