FxWirePro: EUR/NZD breaks major trendline support at 1.6845, bias lower, stay short

• EUR/NZD has shown a break below major trendline support at 1.6845, intraday bias lower.
   
• Price action currently hovers around 23.6% Fib at 1.6785. Violation there will see extension of weakness.
   
• Technical studies are biased lower. RSI below 50 and biased south. Momentum studies are highly bearish.
   
• MACD shows bearish crossover on signal line and we see -ve DMI dominance and ADX supports trend lower.
   
• Next major bear target lies at 200-DMA at 1.6644. Violation there will see major downside.
   
• On the flipside, 100-DMA at 1.6942 is major resistance, we see bearish invalidation only on break above.

Support levels - 1.67, 1.6644 (200-DMA), 1.6520 (Jan 11 low)

Resistance levels - 1.6832 (5-DMA), 1.6845 (trendline support turned resistance), 1.6942 (100-DMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-NZD-Trade-Idea-1235790) has hit TP1.

Recommendation: Bias lower, stay short for further downside.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -72.29 (Neutral), while Hourly NZD Spot Index was at 134.207 (Bullish) at 0640 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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