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FxWirePro: EUR/NZD outlook weaker on renewed downside pressure

• EUR/NZD  declined on Tuesday  as oil prices and  buoyed risk sentiment boosted kiwi dollar.

• Bearish signals are increasing as the pair falls below the 21-DMa & 50%fib support

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 47.85.

• Immediate resistance is located at 1.7617 ( 50%fib), any close above will push the pair towards 1.7717 (61.8%fib).

•    Immediate support is seen at 1.7520 (38.2%fib) and break below could take the pair towards 1.7560 (Lower BB).

Recommendation: Good to sell   around 1.7580, with stop loss of 1.7680 and target price of 1.7510
 

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