• EUR/NZD declined on Monday as kiwi dollar remained supported by the hawkish stance of the Reserve Bank of New Zealand (RBNZ).
On the data front , Germany's business confidence marginally drops in May. Business confidence in Germany decreased to 89.30 points in May from 89.40 points in April 2024
• A close below support at 38.2%fib will give further momentum to bears, opening the way for a run towards 1.7650 level.
•Technicals are favouring bearish sentiment as RSI is at 33 and the pair is trading below 5,9 & 21-DMAs.
• Immediate resistance is located at 1.7733 (38.2%fib), any close above will push the pair towards 1.7762(May 24th high).
• Immediate support is seen at 1.7643(23.6%fib) and break below could take the pair towards 1.7597 (Lower BB).
Recommendation: Good to sell round 1.7660, with stop loss of 1.7750 and target price of 1.7520
