FxWirePro: EUR/NZD Trade Idea

FxWirePro's Hourly Currency Strength Index for EUR/NZD at 1100 GMT: Bearish

FxWirePro's Hourly EUR Spot Index was at -72.7651: (Slightly bearish)

FxWirePro's Hourly NZD Spot Index was at 81.6247: (Bullish)

Technical Analysis: Slightly Bearish

- Price action has slipped below 5-DMA at 1.7210

- RSI biased lower is showing retrace from near overbought levels

- Stochs are showing a turn lower from overbought levels

- MACD still supports upside in the pair, we see scope for minor dips

Support levels - 1.7116 (Nov 15,16 low), 1.6968 (20-DMA), 1.9895 (23.6% Fib retrace of 1.5233 to 1.7409 rally)

Resistance levels - 1.7210 (5-DMA), 1.73, 1.7409 (Nov 17 high)

Recommendation: Good to go short on close below 5-DMA, target 1.7115/ 1.70

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