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FxWirePro:EUR/NZD recovery facing steep rock, likely to falter

• EUR/NZD rebounded from recent slump  on Wednesday  but gains were  limited investors awaited fresh catalyst

• The currency pair is not showing any clear trend at the moment and is having trouble breaking above resistance at 1.7553 (38.2%fib).

•Technicals are favouring bearish sentiment as RSI is trending lower t37 and the pair is trading below   5,9 & 21-DMAs.

• Immediate resistance is located at 1.7526 (38.2%fib), any close above will push the pair towards 1.7559 (5DMA).

• Immediate support is seen at 1.7460 (Dec 14th low) and break below could take the pair towards 1.7380 (23.6%fib).

Recommendation: Good to sell round 1.7530, with stop loss of 1.7650 and target price of 1.6470

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