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FxWirePro: EUR/NZD indecision within ranges,watch for the breakout

• EUR/NZD recovered some ground   on Wednesday as escalation in trade tensions  between EU-UK drove the pair higher.

•The pair initially rallied but retreated after finding resistance at 1.6300 (50%fib ).

•EUR/NZD  remains vulnerable, only a break and daily close above 1.6400 (61.8%fib) will shift bias to the upside.

•Technical are bearish, daily RSI is negative at 44, daily momentum studies  21 and 30 DMAs are trending down. 

•Immediate resistance is located at 1.6300 (50%fib ), any close above will push the pair towards 1.6400 (61.8%fib).

•Strong support is seen at 1.6206 (38.2%fib) and break below could take the pair towards 1.6091 (23.6%fib).

Recommendation: Good to sell   around 1.6270, with stop loss of 1.6340 and target price of 1.6200
 

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