• EUR/NZD declined on Monday as overbought top triggered correction in the pair.
• Todays drop has put EUR/NZD back below 38.2%fib and has put the (50% fib) 1.7724 t back in play
• Technical signals are bearish as RSIs falling, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.7862(38.2%fib), any close above will push the pair towards 1.7972(April 28th high).
• Immediate support is seen at 1.7724 (50%fib) and break below could take the pair towards 1.7683 (21DMA).
Recommendation: Good to sell round 1.7790, with stop loss of 1.8050 and target price of 1.7650
