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FxWirePro:EUR/NZD under pressure , knocking on door of key support

• EUR/NZD declined on Tuesday as political developments in France kept bearish pressures on the pair.

• Investors came to terms with a hung parliament in France, which points to potential political gridlock but stemming from outright far-right or leftist victories.

• Selling pressure will remain in the short-term, only a move above 1.7776 (50%fib)level  will shift the bias higher.

•Technicals are favouring bearish sentiment as RSI is falling and the pair is trading below   21 &30-DMAs.

• Immediate resistance is located at 1.7695(38.2%fib), any close above will push the pair towards 1.7776 (50%fib).

• Immediate support is seen at 1.7603 (23.6%fib) and break below could take the pair towards 1.7546 (June 28th low).

Recommendation: Good to sell round 1.7660, with stop loss of 1.7760 and target price of 1.7600

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