• EUR/NZD declined on Friday as the prospect of a rate hike in New Zealand next week boosted kiwi dollar against euro
• The Reserve Bank of New Zealand is likely to raise its official cash rate by 25 bps to 5.50% at its May 24 meeting.
• Selling pressure will remain in the short-term, a close below support at 23.6%fib will give further momentum to bears .
•Technicals are favouring bearish sentiment as RSI is falling at 39 and the pair is trading below 5,9 & 21-DMAs.
• Immediate resistance is located at 1.7305 (Daily high), any close above will push the pair towards 1.7355 (38.2%fib).
• Immediate support is seen at 1.7150(23.6%fib) and break below could take the pair towards 1.7048 (Lower BB).
Recommendation: Good to sell round 1.7220, with stop loss of 1.7300 and target price of 1.7160
