FxWirePro:EUR/NZD drops changes short term trend from neutral to bearish
• EUR/NZD initially gained on Tuesday, but rally fizzled as euro was weighed down by downbeat German unemployment data.
• EUR/NZD hits daily high at 1.6647 but reverses course to trade at 1.6574 in afternoon US session. EUR/NZD could be set for a slide toward the 23.6%fib.
• Technical lean bearish, RSI is turned lower, momentum studies, 5, 10 DMAs are trending southwards.
• Immediate resistance is located at 1.6591 ( 38.2%fib), any close above will push the pair towards 1.6665 (21DMA).
• Support is seen at 1.6539 (5 DMA) and break below could take the pair towards 1.6438 (23.6%fib).
Recommendation: Good to sell around 1.6580, with stop loss of 1.6700 and target price of 1.6500.