• EUR/NZD declined on Tuesday as disappointing German ZEW data weighed on euro.
•German ZEW economic sentiment fell to 40.4 from 63.3 points in the previous month.
•The pair reaches 1.6712 after extending south from 1.6840 (Daily high). 1.6712 is the lowest level since 6th Julyh 2021.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 40 bearish, daily momentum studies 5, 10 and 21 DMAs are trending down.
• Immediate resistance is located at 1.6778 (38.2%fib),any close above will push the pair towards 1.6839 (50 % fib ).
• Immediate support is seen at 1.6706 (23.6% fib) and break below could take the pair towards 1.6680 (Lower BB ).
Recommendation: Good to sell around 1.6730, with stop loss of 1.6830 and target price of 1.6660
