• EUR/NZD declined on Tuesday as political developments in France kept bearish pressures on the pair.
• Investors came to terms with a hung parliament in France, which points to potential political gridlock but stemming from outright far-right or leftist victories.
• Selling pressure will remain in the short-term, only a move above 1.7776 (50%fib)level will shift the bias higher.
•Technicals are favouring bearish sentiment as RSI is falling and the pair is trading below 21 &30-DMAs.
• Immediate resistance is located at 1.7695(38.2%fib), any close above will push the pair towards 1.7776 (50%fib).
• Immediate support is seen at 1.7603 (23.6%fib) and break below could take the pair towards 1.7546 (June 28th low).
Recommendation: Good to sell round 1.7660, with stop loss of 1.7760 and target price of 1.7600
