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FxWirePro:EUR/NZD outlook weaker on renewed downside pressure

• EUR/NZD declined on Tuesday   as investors continue to lean on bearish influences ahead of key U.S. CPI and Fed meeting risks. 

• EUR/NZD shorts remain in charge ahead of key risks from U.S. May CPI and the Fed's policy meeting.

• At GMT 16:57, the pair was trading down 0.40 percent   at 1.7497.Lowest level since 23rd February.

• Technical signals show the pair could lose more ground as RSI is falling at 34, and 9, 11,21 DMA’s are trending south. 

• Immediate resistance is located at 1.7609(38.2%fib), any close above will push the pair towards 1.7701(50%fib).

• Immediate support is seen at 1.7496  (23.6%fib) and break below could take the pair towards 1.7531(Lower BB ).

Recommendation: Good to sell round 1.7500, with stop loss of 1.7640 and target price of 1.7410
 

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