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FxWirePro: EUR/ NZD gains some upside momentum but still bearish

• EUR/ NZD recovered some ground on Friday as the pair’s lift  was aided by profit-taking on shorts  .

• The pair is holding near today's high, but repeated failures to push above 38.2 % fib is discouraging longs.

• Technical signals are bearish as RSI is at 36, daily momentum studies  5, 9 and 10 DMAs are trending down.

• Immediate resistance is located at 1.7625 (38.2 % fib), any close above will push the pair towards 1.7696(10DMA)

• Support is seen at 1.7461 (23.6 % fib) and break below could take the pair towards 1.7397 (June 13th low).

  Recommendation: Good to sell   around 1.7590, with stop loss of 1.7700 and target price of 1.7500

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