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FxWirePro: EUR/NZD closes below 50%fib support, favouring weakness

• EUR/NZD  dipped on Monday as upbeat improved risk sentiment supported kiwi dollar.

• New Zealand Dollar was also on the upswing, buoyed by growing optimism regarding the prospects of its largest trading partner  China.

• Technical signals are bearish as RSI is falling, daily momentum studies  5 ,9 DMA’s are trending lower. 

• Immediate resistance is located at 1.8163(50%fib ), any close above will push the pair towards 1.8252(61.8%fib).

• Strong support is seen at 1.8095(38.2%fib) and break below could take the pair towards 1.7984 (23.6%fib).

Recommendation: Good to sell around 1.8150 with stop loss of 1.8250 and target price of 1.8070
 

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