FxWirePro:EUR/NZD pauses downtrend and consolidates

• EUR/NZD recovered some ground after initially falling on Monday as market focus turned to the Fed and BoE meetings this week.

• The pair failed to breach support at 1.6549 as the pair was severely oversold.

• Sustained break of 1.6549  would open the door to 1.6500 (Psychological level). Close above 1.6706 (38.2%fib) is needed to undermine downside bias.

• Immediate resistance is located at 1.6615( Daily high), any close above will push the pair towards 1.6652(Ichimoku Cloud top).

• Support is seen at 1.6549 (23.6% fib ) and break below could take the pair towards 1.6500 (Psychological level).

Recommendation: Good to sell   around 1.6580 with stop loss of 1.6700  and target price of 1.6490