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FxWirePro: EUR/NZD strongly bearish despite upside attempts

• EUR/NZD recovered some ground after initially falling  on Thursday  as Russia’s attack on Ukraine sparked volatility and investors scrambled to assess the conflict’s longer term implications.

• Geopolitical tensions heightened after Russian forces fired missiles at several Ukrainian cities and landed troops on Ukraine's south coast.

• The pair rebounded but  paired gains  after finding resistance at 1.6774 (38.2% fib).

• Technical are bearish, daily RSI is negative at 35, daily momentum studies  11and 14 DMAs are trending down. 

• Immediate resistance is located at 1.6774 (38.2% fib), any close above will push the pair towards 1.6872 (50% fib).

• Strong support is seen at 1.6655 (23.6%fib) and break below could take the pair towards 1.6585 (Lower BB).

Recommendation: Good to sell   around 1.6740, with stop loss of 1.6850 and target price of 1.6600

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