FxWirePro: EUR/NZD capped by the 50.0% fibonacci, good to sell on rallies

• EUR/NZD strengthened on Tuesday as the deeply oversold euro latched onto a short-lived   recovery, overcoming market news about a U.S. ban on Russian energy imports.

• Bulls gained momentum above 1.6000,but failed to close above 50%fib resistance.

• Technical signals are bearish as RSI is at 23, daily momentum studies  5,9 and 10 DMAs are trending down. 

•Immediate resistance is located at 1.6040( 50%fib), any close above will push the pair towards 1.6177(61.8%fib).

• Strong  support is seen at 1.5905 (38.2%fib ) and break below could take the pair towards 1.5732  (23.6%fib).

Recommendation: Good to sell around 1.6040, with stop loss of 1.6140 and target price of 1.5950