Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro:EUR/NZD succumbs to bearish forces after weak Eurozone PMI data

• EUR/NZD declined on Wednesday after weak Euro PMI data drove  euro lower against kiwi dollar .

• German service PMI tumbles from 52.3 to 47.3 (51.5 forecast).Eurozone service sector 48.3 from 50.9 (50.5) forecast. Contraction of service sector follows slump in manufacturing.

• EUR/ NZD chart has taken a turn for the worse after todays   drop.Overall risk growing for a bigger drop towards 1.8000.

• Technical signals show the pair could lose more ground as RSI has turned  bearish, and 9, 11,21 DMA’s are trending south.

• Immediate resistance is located at 1.8252 (38.2%fib), any close above will push the pair towards 1.8294 (5DMA).

• Immediate support is seen at 1.8163 (Daily low) and break below could take the pair towards 1.8125 (50% fib).

Recommendation: Good to sell round 1.8180, with stop loss of 1.8280 and target price of 1.8080

  • Market Data
Close

Welcome to EconoTimes

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