• EUR/NZD initially dipped on Tuesday but recovered some losses on month-end rebalancing .
• EUR/NZD fell as low as 1.6736 before buyers returned.The pair was last trading 1.6790 down 0.06% at 16:27 GMT.
•Support at 1.6731 (23.6% fib )is holding but break below would increase the downside bias.
• Technical signals are bearish, as momentum studies, 5, 10 & 21 DMAs track south
• Immediate resistance is located at 1.6834( Daily high), any close above will push the pair towards 1.6901 (100DMA)
• Strong support is seen at 1.6731 (23.6% fib ) and break below could take the pair towards 1.6676 (21DMA).
Recommendation: Good to sell around 1.6800 with stop loss of 1.6920 and target price of 1.6720.
