FxWirePro:EUR/NZD neutral in the near-term, scope for downward resumption
•EUR/NZD declined on Monday as euro was weighed down narrow victory of the Social Democrats in the German election raised uncertainty for investors.
•The pair currently is approaching support at 1.6649 (23.6% fib ). A break under 1.7470 would unmask 1.6600 level in the short term.
•Technical signals are bearish as RSI is at 47, daily momentum studies 21, 30 and 50 DMAs are trending down.
• Immediate resistance is located at 1.6750 38.2%fib), any close above will push the pair towards 1.6781(50 DMA).
• Strong support is seen at 1.6649 (23.6% fib ) and break below could take the pair towards 1.6555 (Lower BB).
Recommendation: Good to sell on rally around 1.6680, with stop loss of 1.6750 and target price of 1.6600.