• EUR/NZD declined on Thursday as investors were worried about the impact of rising oil prices will impact Eurozone economy.
• Selling pressure will remain in the short-term, only a move above 1.6565(50%fib) strong resistance will shift the bias higher.
• Technical signals show the pair could lose more ground as RSI is at 21 bearish, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.6382 (5DMA), any close above will push the pair towards 1.6423(38.2%fib).
• Immediate support is seen at 1.6253 (23.6%fib) and break below could take the pair towards 1.6153 (Lower BB).
Recommendation: Good to sell round 1.6260, with stop loss of 1.6350 and target price of 1.6150
