EUR/NZD chart - Trading View
EUR/NZD trades 0.09% lower on the day at 1.6941 at 07:30 GMT.
The pair is extending downside as the single currency remains under pressure ahead of ECB policy meet.
Upbeat German factory orders data failed to impress euro bulls. German factory orders accelerated slightly in April, rising 0.3% against 0.1% expected.
Markets eye ECB policy meeting due at 11:45 GMT. The central bank is expected to keep rates unchanged. Focus shall be on forward guidance and TLTRO 3.
Technical studies support downside. Stochs and RSI are sharply lower and volatility is rising.
Bearsih 5-DMA crossover on 20-DMA adds to downside bias.
Price action has dipped below 200-DMA support at 1.6953. Close below will see further downside.
Next major support lies at 50-DMA at 1.6888 ahead of 38.2% Fib at 1.6851 and then daily cloud at 1.6726.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
