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FxWirePro: EUR/NZD downside pressure builds, key support level in focus

• EUR/NZD  slumped on Monday  as kiwi dollar strengthened against euro on increased demand for risker currency like kiwi dollar.

• EUR/ NZD fell to  1.7995 close to the 38.2% fib. A break under 38.2% fib would unmask 1.6650 level in the short term.

• Technical signals are bearish as RSI is lower, daily momentum studies  5, 9 and 10 EMAs are trending down. 

•  Strong resistance is located at 1.8011(5 EMA), any close above will push the pair towards 1.8055 (50% fib)

• Immediate support is   at 1.6795 (38.2% fib)   and break below could take the pair towards 1.78980 (23.6% fib).

Recommendation: Good to sell around 1.8000  , with stop loss of 1.8100  and target price of 1.7920 
 

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