• EUR/NZD traded within limited intraday range on Friday as increasing uncertainty over whether the ECB will cut interest rates in the July meeting kept investors cautious.
• A close below support at 38.2%fib will give further momentum to bears, opening the way for a run towards 1.7650 level.
•Technicals are favouring bearish sentiment as RSI is at 38 and the pair is trading below 5,9 & 21-DMAs.
• Immediate resistance is located at 1.7772 (38.2%fib), any close above will push the pair towards 1.7833 (50%fib).
• Immediate support is seen at 1.7703(23.6%fib) and break below could take the pair towards 1.7652 (Lower BB).
Recommendation: Good to sell round 1.7730, with stop loss of 1.7800 and target price of 1.7650
