FxWirePro:EUR/NZD close below key fibo adds to the bearish bias, good to sell on rally

• EUR/NZD declined on Wednesday as rise in commodity prices boosted the commodity-price sensitive New Zealand dollar . 

• Selling pressure will remain in the short-term, only a move above 1.7013 (38.2%fib)strong resistance  will shift the bias higher.

• Recent drop has put EUR/NZD back below 50%fib and has put the 61.8% fib   back in play.

 • Technically 5 day and 11-day momentum remains negative and RSI beginning to head down.

• Immediate resistance is located at 1.6946 (50%fib), any close above will push the pair towards 1.7013 (38.2%fib).

• Immediate support is seen at 1.6981 (Daily low) and break below could take the pair towards 1.6875 (61.8% fib).

Recommendation: Good to sell round 1.6950, with stop loss of 1.7020 and target price of 1.6880