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FxWirePro:EUR/NZD gains some upside momentum but still bearish
• EUR/NZD recovered some ground on Thursday, as the pair got some respite by some profit-taking.
• At GMT 16:04, the pair was trading 0.14% higher at 1.6830, slightly higher from session low at 1.6782.
• Currently, the 1.6857 (38.2% fib) barrier is restricting higher move. A sharper increase above 1.6910 (50% fib) is needed to raise hopes for an uptrend.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 44 bearish, daily momentum studies 5, 10 and 21 DMAs are trending south.
• On the upside, Immediate resistance is located at 1.6853 (38.2% fib ), any close above will push the pair towards 1.6914 (50% fib).
• On the downside, strong support is seen at 1.6780 (23.6% Fib) and break below could take the pair towards 1.6629 (Lower BB).
• Recommendation: Good to sell on rallies around 1.6900, with stop loss of 1.6980 and target price of 1.6650.