• EUR/NZD initially rose on Wednesday, but struggled to consolidate gains as contrasting euro zone pandemic recovery path kept gains in check.
• EUR/NZD bears have tightened their grip on this pair,a break and daily close under 1.6746 (50%fib ) could deepen losses.
• Technical signals are bearish as RSI is at 50, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6810 (11 DMA ), any close above will push the pair towards 1.6834 (23.6% fib).
• Immediate support is seen at 1.6746 (50%fib ) and break below could take the pair towards 1.6682(21 DMA ).
Recommendation: Good to sell on rally around 1.6800, with stop loss of 1.6900 and target price of 1.6730.
