FxWirePro:EUR/NZD close below key fibo adds to the bearish bias, good to sell on rally

• EUR/NZD declined on Friday as traders remained short as the currency took a breather from a recent rally. 

• Selling pressure will remain in the short-term, only a move above 1.6922 ( 23.6% fib) strong resistance  will shift the bias higher.

• Recent drop has put EUR/NZD back below 38.2%fib and has put the 50% fib 1.6707 at back in play

• Technical signals show the pair could lose more ground as RSI is at 49 bearish, and 5, 30 DMA’s are trending south. 

• Immediate resistance is located at 1.6774 (Ichimoku cloud top), any close above will push the pair towards 1.6810 (38.2%fib).

• Immediate support is seen at 1.6707 (50%fib) and break below could take the pair towards 1.6683 (Ichimoku cloud base).

Recommendation: Good to sell round 1.6710, with stop loss of 1.6720 and target price of 1.6650