FxWirePro: EUR/NZD slide lower shifts pressure to the downside

• EUR/NZD  declined on Monday  as upbeat risk sentiment  helped buoy kiwi dollar against euro.

• EUR/NZD  fell 0.48%, to 1.17704  its lowest since July 27th, plunging from  1.7910 daily high.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  has turned lower.

• Immediate resistance is located at 1.7755(30DMA), any close above will push the pair towards 1.7886 ( 23.6%fib).

• Strong support is seen at 1.7706 (38.2%fib) and break below could take the pair towards 1.7549  (50%fib).

Recommendation: Good to sell around 1.7710 with stop loss of 1.7800 and target price of 1.7620