Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro:EUR/NZD extends drop, critical support lies ahead

• EUR/NZD declined on Friday as higher commodity prices and  lowered expectations of European economic growth weighed on the pair.

• Euro declined  as investors worried that higher commodity prices will dent growth in the European Union.

• Selling pressure will remain in the short-term, only a move above 1.6032 (50%fib)strong resistance  will shift the bias higher.

• Technical signals show the pair could lose more ground as RSI is at 16 bearish, and 5, 11,21 DMA’s are trending south. 

• Immediate resistance is located at 1.6032 (50%fib), any close above will push the pair towards 1.6149(61.8%fib).

• Immediate support is seen at 1.7575 (38.2%fib) and break below could take the pair towards 1.5705 (23.6% fib).

Recommendation: Good to sell round 1.5950, with stop loss of 1.6100 and target price of 1.5880

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.