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FxWirePro:EUR/NZD losses could deepen with break of key obstacles

• EUR/NZD declined on Tuesday  as worse-than-expected German factory orders and sluggish Eurozone retail sales weighed on euro.

• EUR/NZD is now on course to register a   close below the 38.2%fib support level, chart points to bigger drop towards  1.7450 level. 

•From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is   bearish at 49.

• Immediate resistance is located at 1.7642`(5DMA), any close above will push the pair towards 1.9321 (38.2%fib).

• Immediate support is seen at 1.7557 (38.2%fib ), break below could take the pair towards 1.7468 (May 5th low).

Recommendation: Good to sell around 1.7600 with stop loss of 1.7700 and target price of 1.7540

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