•EUR/NZD declined on Monday as optimism stemming from Joe Biden's win in the U.S. presidential election encouraged buying into risk-driven assets.
•The pair traded down to 1.7323 and was around there into the US afternoon.
•The pairs bias is lower, but progress will likely be slowed by the lower bollinger band at 1.7302
•Technical signals are bearish as RSI is at 34, daily momentum studies 5, 9 and 10 DMAs are trending down.
•Immediate resistance is located at 1.7485 (5DMA ), any close above will push the pair towards 1.7558 (38.2%fib).
• Strong support is seen at 1.7302 (lower bollinger band) and break below could take the pair towards 1.7175(23.6%fib).
• Recommendation: Good to sell on rallies around 1.7350, with stop loss of 1.7555 and target price of 1.7250.
