FxWirePro:EUR/NZD extends drop, critical support lies ahead
• EUR/NZD declined on Tuesday as upbeat sentiment led investors to seek riskier assets like kiwi dollar
• Selling pressure will remain in the short-term, only a move above 1.6657 (38.2%fib) strong resistance will shift the bias higher.
• A close below support at 1.6559 would give further momentum to bears, opening the way for a run toward September 8's low of 1.6500.
• Immediate resistance is located at 1.6657 (38.2%fib), any close above will push the pair towards 1.6773(23.8%fib).
• Immediate support is seen at 1.6559(50%fib) and break below could take the pair towards 1.6467 (61.8% fib).
Recommendation: Good to sell round 1.6590, with stop loss of 1.6700 and target price of 1.6500