FxWirePro: EUR/NZD drifts lower , could be on verge of a bigger drop

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FxWirePro: EUR/NZD drifts lower , could be on verge of a bigger drop

Wednesday, January 19, 2022 11:11 PM UTC

• EUR/NZD declined on Wednesday as improved risk sentiment and higher commodity prices supported kiwi dollar.

• The pair currently is approaching support at 1.7470(23.6% fib). A break under 1.7470 would unmask 1.7300 level in the short term.

• Technical signals are bearish as RSI is at 44.31, daily momentum studies 5, 9 and 10 DMAs are trending down.

• Immediate resistance is located at 1.6754( 61.8%fib), any close above will push the pair towards 1.6810(Higher BB)

• Support is seen at 1.6667 (30DMA ) and break below could take the pair towards 1.6644 ( 50%fib) .

Recommendation: Good to sell around 1.6720, with stop loss of 1.7650 and target price of 1.7150.

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