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FxWirePro:EUR/NZD outlook weaker on renewed downside pressure

• EUR/NZD  declined on Thursday  as higher oil prices and  buoyed risk sentiment boosted kiwi dollar.

• Bearish signals are increasing as the pair falls below the 5-DMa & 50%fib support

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 44.

• Immediate resistance is located at 1.7604 ( 50%fib), any close above will push the pair towards 1.7604 (14DMA).

• Immediate support is seen at 1.7500 (38.2%fib) and break below could take the pair towards 1.7446 (Lower BB).

Recommendation: Good to sell   around 1.7580, with stop loss of 1.7680 and target price of 1.7520

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