• EUR/NZD declined on Monday as after a survey showed German Ifo business climate index missed expectations in April.
•German business morale improved only slightly in April as a third wave of COVID-19 infections and a semiconductor shortage in the motor vehicle sector slowed a recovery in Europe’s largest economy.
• Selling pressure will remain in the short-term, only a move above 1.5625 ( 50 % fib) strong resistance will shift the bias higher.
• Technical signals show the pair could lose more ground as RSI is at 47 bearish, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.5550 (38.2%fib), any close above will push the pair towards 1.5657 (Higher BB).
• Immediate support is seen at 1.5460 (23.6%fib) and break below could take the pair towards 1.5380(Lower BB).
Recommendation: Good to sell round 1.5500, with stop loss of 1.5630 and target price of 1.5400
