Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/NZD down trend on the brink of resuming, good to sell on rally

• EUR/NZD traded in tight range on Tuesday  as caution remained ahead of European Central Bank's interest rate decision later this week.

• Investors expect the European Central Bank on Thursday to cut the benchmark rate by 25 basis points to 3.75%.

•The pair remains bearish and might fall towards  1.7550 .The pair has seen a 1.7600 -1.7653 range  on Tuesday.

•Technical signals are bearish as RSI is at 35, daily momentum studies  5  , 9 DMA’s are trending down.

•   Immediate resistance is located at 1.7691 (38.2%fib), any close above will push the pair towards 1.7767 (50%fib).

• Strong support is seen at 1.7592 (23.6%fib) and break below could take the pair towards 1.7551(Lower BB ).

 Recommendation: Good to sell around 1.7630, with stop loss of 1.7700 and target price of 1.7540

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.