• EUR/NZD declined on Tuesday as potential Russia-Ukraine escalation and higher commodity prices weighed on euro.
• Selling pressure will remain in the short-term, only a move above 1.6000 ( Psychological level) strong resistance will shift the bias higher.
• Technicals highlight downside risks.Falling daily and monthly RSIs imply downside momentum remains.
• Immediate resistance is located at 1.5844(5DMA), any close above will push the pair towards 1.5970(50%fib).
• Immediate support is seen at 1.5755(38.2%fib ) and break below could take the pair towards 1.5605(Lower BB).
Recommendation: Good to sell round 1.5790, with stop loss of 1.7870 and target price of 1.7480
