EUR/NZD chart on Trading View used for analysis
Technical Analysis: Bias Bearish
- Price action below major moving averages and cloud
- Recovery rejected at 55-EMA, Stochs and RSI are sharply lower
- MACD is on verge of bearish crossover on signal line
- Price action has broken strong trendline support at 1.6550
Support levels - 1.6422 (Dec 12 low), 1.6329 (Dec 5 low)
Resistance levels - 1.6550 (trendline), 1.66, 1.6683 (5-DMA)
Recommendation: Good to go short on upticks, SL: 1.66, TP: 1.6425/ 1.6330
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
