• EUR/NZD eased on Monday as the pair’s recovery was dented by weaker Euro zone industrial production.
• Data showed industrial production in the 20 countries sharing the euro fell by 4.1% month-on-month in March.
• Technical signals show the pair could lose more ground as RSI is at 45 bearish, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.7542 (38.2%fib), any close above will push the pair towards 1.7606(30DMA).
• Immediate support is seen at 1.7383 (50%fib) and break below could take the pair towards 1.7319 (May 12th low).
Recommendation: Good to sell round 1.7450, with stop loss of 1.7570 and target price of 1.7300
