• EUR/NZD dipped on Monday as strong commodity prices aided risk appetite.
• Iron ore prices surged as rising Australia-China tensions sparked supply concerns.
• EUR/NZD recovery from 1.6658 was rejected earlier in European session at 14DMA .
• Todays drop has put EUR/NZD back below Ichimoku cloud base and has put the 23.6%fib 1.6602 back in play
• Technical signals favours bearish sentiment, RSI is at 46and pair trades below 9,11 & 14-DMAs.
• Resistance is located at 1.6715(14DMA) and at 1.6747 (38.2%fib).
• Strong support is found at 1.6657 (Daily low) and at 1.6606 (23.6%fib).
Recommendation: Good to sell around 1.6680, with stop loss of 1.6780 and target price of 1.6610
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