• EUR/NZD declined on Friday as worries of an economic slowdown and the pace of the Federal Reserve's rate increases weighed on the pair .
• Selling pressure will remain in the short-term, only a move above 1.7005 (38.2%fib)level will shift the bias higher.
• A close below support at 1.6884 (50%fib)will give further momentum to bears, opening the way for a run towards 1.6850 level.
•Technicals are favouring bearish sentiment as RSI is falling and the pair is trading below 5,9 & 21-DMAs.
• Immediate resistance is located at 1.6963 (5DMA), any close above will push the pair towards 1.7005 (38.2%fib).
• Immediate support is seen at 1.6884 (50%fib) and break below could take the pair towards 1.6827 (Feb 3rd low).
Recommendation: Good to sell round 1.6930, with stop loss of 1.7000 and target price of 1.6850
