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FxWirePro:EUR/NZD gains some upside momentum but still bearish

• EUR/NZD initially dipped on Monday, but recovered most of the ground  as market spotlight turned to ECB meeting on Thursday.

• EUR/NZD hits daily low at 1.6706 but   recovered  to trade at 1.6776. Significant moves in this pair are likely to be limited ahead of Thursday’s European Central Bank meeting.

• Technical lean bearish, RSI is trending down , momentum studies, 9, 10,11 DMAs are trending  southwards.

• Immediate resistance is located at 1.6799( 38.2%fib), any close above will push the pair towards 1.6834( Higher BB).

• Support is seen at 1.6667 (23.6%fib) and break below could take the pair towards 1.6623 (Lower BB).

Recommendation: Good to sell around 1.6780, with stop loss of 1.6900 and target price of 1.6720.

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