FxWirePro: EUR/NZD Trade Idea

EUR/NZD chart on Trading View used for analysis

FxWirePro Currency Strength Index for EUR/NZD: Bias Bearish
FxWirePro's Hourly EUR Spot Index was at -131.55 (Bearish)
FxWirePro's Hourly NZD Spot Index was at 91.4789 (Bullish)

Technical Analysis: Bias Bearish
- Price action below cloud and major moving averages
- Momentum bearish o weekly charts
- Pair has broken below 55W SMA and eyes 110W SMA 
- Stochs and RSI sharply lower on weekly charts, MACD shows bearish crossover
- 5W SMA sharply lower, price has breached below 23.6% Fib

Support levels - 1.6783 (Feb 21 low), 1.6659 (110W EMA), 1.6174 (200W SMA)
Resistance levels - 1.6910 (5-DMA), 1.70, 1.7156 (200-DMA)

Recommendation: Good to stay short on upticks, SL: 1.6910, TP: 1.6785/ 1.67/ 1.6660

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.