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

• EUR/NZD  declined on Thursday as kiwi dollar  outperformed euro as risk sentiment improved.

• EUR/ NZD  dived below the 50% fib and trades down to a 1.7670 low.

•EUR/ NZD  is now on course to register a   close below the 23.6% fib level, chart points to bigger drop towards  1.5900 level.  

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is   bearish at 40

• Immediate resistance is located at 1.6065( 14DMA), any close above will push the pair towards 1.6169 (38.2%fib)

• Support is seen at 1.5972 (23.6% fib) and break below could take the pair towards 1.5890  (Lower BB).

  Recommendation: Good to sell on rally around 1.6050, with stop loss of 1.6150 and target price of 1.5960.
 

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