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FxWirePro: EUR/NZD unlikely to invite any further strength, good to sell on rally

• EUR/NZD declined as kiwi dollar was  buoyed by reduced omicron angst and gains in  commodity prices.

• EUR/NZD dived below the 50% fib and hit   low  at 1.6574 .

• Technical lean bearish, RSI is turning   lower, momentum studies, 9, 11 DMAs falling southwards.

• Immediate resistance is located at 1.6629(50% fib), any close above will push the pair towards 1.6696(61.8%fib)

• Support is seen at 1.6562(38.2%fib ) and break below could take the pair towards 1.6524 (Lower BB).

Recommendation: Good to sell around 1.6600, with stop loss of 1.6670 and target price of 1.6520.
 

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