• EUR/NZD recovered some ground on Wednesday as escalation in trade tensions between EU-UK drove the pair higher.
•The pair initially rallied but retreated after finding resistance at 1.6300 (50%fib ).
•EUR/NZD remains vulnerable, only a break and daily close above 1.6400 (61.8%fib) will shift bias to the upside.
•Technical are bearish, daily RSI is negative at 44, daily momentum studies 21 and 30 DMAs are trending down.
•Immediate resistance is located at 1.6300 (50%fib ), any close above will push the pair towards 1.6400 (61.8%fib).
•Strong support is seen at 1.6206 (38.2%fib) and break below could take the pair towards 1.6091 (23.6%fib).
Recommendation: Good to sell around 1.6270, with stop loss of 1.6340 and target price of 1.6200
