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FxWirePro: EUR/NZD hovers around 1.6430 level, bias is bearish

• EUR/NZD edged lower on Tuesday as rise in commodity prices boosted  kiwi dollar against euro.

• Dip was shallow as buyers emerged near the 1.6400 level. A break and daily close below 1.6374 (38.2%fib) will accelerate further downtrend.

• Technical signals show the pair could lose more ground in the short-term as RSI is at 44  bearish, daily momentum studies  5, 9 and 11 DMAs are trending  down.

• Immediate resistance is located at 1.648714DMA), any close above will push the pair towards 1.6535 (38.2%fib).

• Strong support is seen at 1.6374 (38.2%fib) and break below could take the pair towards 1.6300 (18th July low )

Recommendation: Good to sell around 1.6440, with stop loss of 1.6530 and target price of 1.6400

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