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FxWirePro: EUR/NZD heads deeper into bear territory, 1.6680 a key barrier

• EUR/NZD declined on Thursday as euro was weighed down by dovish central bank comments and stronger New Zealand dollar.

• The pair currently is approaching support at 1.6680(38.2% fib ). A break under 1.6680 would unmask 1.6600 level in the short term.

• Technical signals are bearish as RSI is at 44 , daily momentum studies  5, 9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.6748 ( 50%fib), any close above will push the pair towards 1.6782(Ichimoku cloud top)

• Strong  support is seen at 1.6680(38.2% fib ) and break below could take the pair towards 1.6653 (Ichimoku cloud base).

  Recommendation: Good to sell on rally around 1.6740, with stop loss of 1.68000 and target price of 1.6650.
 

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