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FxWirePro: EUR/NZD slips and closes under key fibo, expect a bigger drop

• EUR/NZD dipped on Monday a fresh concern on disruption of gas supplies to Europe weighed on euro.

• Russia announced late on Friday a three-day halt to European gas supplies via the Nord Stream 1 pipeline at the end of this month.

• EUR/NZD  price slides to 1.6110 from 1.6269 Daily high. The pair has seen a 1.6269 -1.6110 range, on Monday .

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

• Immediate resistance is located at 1.6180(38.2%fib), any close above will push the pair towards 1.6274 (Daily high).

• Strong support is seen at 1.6103 (38.2%fib) and break below could take the pair towards 1.5972 (23.6%fib)

Recommendation: Good to sell around 1.6130, with stop loss of 1.6270 and target price of 1.6050
 

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