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FxWirePro:EUR/NZD attracts selling interest, vulnerable to more downside

 • EUR/NZD declined on Tuesday as  risk sentiment flowed back into the market after weak U.S. data. 

• Any upside   is likely to be temporary as barrier at 1.7025 (38.2%fib)is set to restrict  higher move.

• Technical signals show the pair could lose more ground as RSI is falling, and 9, 11,21 DMA’s are trending south. 

• Immediate resistance is located at 1.6974(50%fib), any close above will push the pair towards 1.7025 (38.2%fib).

• Immediate support is seen at 1.6949 (9DMA) and break below could take the pair towards 1.6917(50%fib).

Recommendation: Good to sell round 1.6970, with stop loss of 1.7040 and target price of 1.6930
 

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