• EUR/NZD declined on Thursday as higher oil prices and increased risk sentiment boosted New Zealand dollar across the board.
• Oil rose more than 1% after U.S. crude inventories fell more than expected amid high demand for fuel.
• The pair picked up downside momentum and is approaching 38.2% fib. A close below will opens up 1.6300 level.
• Immediate resistance is located at 1.6414( 5DMA), any close above will push the pair towards 1.6544(50%fib).
• Strong support is seen at 1.6355 (38.2% fib) and break below could take the pair towards 1.6277 ( Lower BB).
Recommendation: Good to sell around 1.6390, with stop loss of 1.6460 and target price of 1.6300
