EUR/NZD chart on Trading View used for analysis
- EUR/NZD is extending weakness after rejection at 55-EMA, bias bearish.
- The pair is trading 0.29% lower on the day at 1.65 at 0925 GMT.
- Price action is below cloud and major moving averages.
- Minor recovery attempts capped at 5-DMA, scope for further downside.
- Pair eyes 200-W SMA at 1.6334. Violation there could see further weakness.
- Above 5-DMA we see next major resistance at 21-EMA at 1.6622. Breakout at 55-EMA and daily cloud negates bearish bias.
Support levels - 1.64, 1.6334 (200-W SMA), 1.6231 (50% Fib)
Resistance levels - 1.6544 (5-DMA), 1.6623 (21-EMA), 1.6736 (55-EMA)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
