• EUR/NZD declined on Monday as lingering concerns over the U.S. debt ceiling impasse kept sentiment fragile.
• A close below support at 1.7164 (38.2%fib) will give further momentum to bears, opening the way for a run towards 1.7100 level.
•Technicals are favouring bearish sentiment as RSI is falling and the pair is trading below 5,9 & 21-DMAs.
• Immediate resistance is located at 1.7293 (5DMA), any close above will push the pair towards 1.7304 (38.2%fib).
• Immediate support is seen at 1.7164 (38.2%fib) and break below could take the pair towards 1.7067 (Lower BB).
Recommendation: Good to sell round 1.7210, with stop loss of 1.7300 and target price of 1.7150
