• EUR/NZD saw some mild signs of stabilization on Friday as investors booked profits on shorts ahead of weekend.
• EUR/NZD rally off daily low now look more like a corrective bounce,further upside is unlikely to sustain.
• The EUR/NZD traded within a 1.8092 to 1.8212 range on Friday. A close below the 50% fib level would strengthen the bearish bias, potentially paving the way for a move toward the 1.8000.
• Immediate resistance is located at 1.8244(38.2%fib), any close above will push the pair towards 1.8376(July 31st high).
• Immediate support is seen at 1.8092 (50% fib) and break below could take the pair towards 1.7922(61.8% fib)
Recommendation: Good sell around 1.8260, with stop loss of 1.8400 and target price of 1.8170
