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FxWirePro: EUR/NZD attracts selling interest, vulnerable to more downside

• EUR/NZD declined on Friday   as broad based New Zealand dollar buying  drove EUR/NZD     pair lower

• EUR/NZD drops below the 5-DMA  , slide halts near 50% fib support,break below will accelerate towards  1.4850 level.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 61 bearish, daily momentum studies  5, 10 and 21 DMAs are trending  up.

•  Immediate resistance is located at 1.7812(5DMA  ), any close above will push the pair towards 1.7898(38.2%fib  ).

• Strong support is seen at 1.7747 (50%fib  ) and break below could take the pair towards 1.7646 (14DMA )

Recommendation: Good to sell around 1.7770  , with stop loss of 1.7850  and target price of 1.7700

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