• EUR/NZD declined on Monday as improvement in investor risk sentiment and higher commodity prices boosted New Zealand dollar.
•Todays dip has turned the daily signals into negative territory, a move towards 1.5350 now looks viable.
• Technical signals show the pair could lose more ground in the short-term as RSI is bearish, daily momentum studies 5 and 9 DMAs are trending down.
•Immediate resistance is located at 1.6214 (5DMA), any close above will push the pair towards 1.6277(38.2%fib).
•Strong support is seen 1.6167(23.6%fib) and break below could take the pair towards 1.6081(Lower BB)
Recommendation: Good to sell around 1.6210, with stop loss of 1.6300 and target price of 1.6100
