FxWirePro: EUR/NZD neutral in the near-term, scope for downward resumption
• EUR/NZD declined sharply on Tuesday as kiwi gained after RBNZ proposed tighter housing lending metrics .
• The pair drops below 1.6900 in US session, slide halts after finding support at 1.6889 (38.2% fib).Break below will accelerate downtrend towards 23.6%fib in short term.
• Technically 5 day 9-day momentum remains negative and RSI is trending lower.
• Immediate resistance is located at 1.6933( 50%fib), any close above will push the pair towards 1.6979(61.8%fib%fib).
• Strong support is seen at 1.6889 (38.2% fib) and break below could take the pair towards 1.6834 (23.6%fib).
Recommendation: Good to sell around 1.6900, with stop loss of 1.7000 and target price of 1.6800