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FxWirePro:EUR/NZD extends drop, critical support lies ahead

• EUR/NZD declined on Monday as kiwi dollar benefited  against euro on improved  risk sentiment..

• Selling pressure will remain in the short-term, only a move above 1.7502(38.2%fib)strong resistance  will shift the bias higher.

• Technical signals show the pair could lose more ground as RSI is at 38 bearish, and 9, 11,21 DMA’s are trending south.

• Immediate resistance is located at 1.7502(38.2%fib), any close above will push the pair towards 1.7565(5 DMA).

• Immediate support is seen at 1.7347 (50%fib) and break below could take the pair towards 1.7231 (April 6th low).

Recommendation: Good to sell round 1.7360, with stop loss of 1.7470 and target price of 1.7260

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