Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/NZD downtrend loses steam but outlook still bearish

• EUR/NZD initially dipped  on Tuesday but recovered some losses on month-end rebalancing .

• EUR/NZD fell as low as 1.6736 before buyers returned.The pair was last trading 1.6790 down 0.06% at 16:27 GMT.

•Support  at 1.6731 (23.6% fib )is holding   but break below would increase the downside bias.

• Technical   signals are bearish, as momentum studies, 5, 10 & 21 DMAs track south

• Immediate resistance is located at 1.6834( Daily high), any close above will push the pair towards 1.6901 (100DMA)

• Strong support is seen at 1.6731 (23.6% fib ) and break below could take the pair towards 1.6676 (21DMA).

Recommendation: Good to sell   around 1.6800 with stop loss of 1.6920 and target price of 1.6720.

  • Market Data
Close

Welcome to EconoTimes

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