FxWirePro: EUR/NZD drifts lower , could be on verge of a bigger drop

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FxWirePro : EUR/NZD sinks to two-month low with plenty more downside potential

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FxWirePro: EUR/NZD drifts lower , could be on verge of a bigger drop

Wednesday, June 29, 2022 9:31 PM UTC

• EUR/NZD dipped on Wednesday as rising recession fear in the euro zone led investors sell euro.

•ECB President Lagarde said the era of ultra-low inflation that preceded the pandemic is unlikely to return and central banks need to brace themselves for higher price growth expectations.

• The pair picked up downside momentum after Lagarde comments and is approaching 1.6687(38.2%fib). A close below will opens up 1.6650 level.

• Immediate resistance is located at 1.6786 (5DMA), any close above will push the pair towards 1.6920 (23.6%fib).

• Strong support is seen at 1.6687(38.2%fib) and break below could take the pair towards 1.6640 (21DMA )

Recommendation: Good to sell around 1.6775, with stop loss of 1.6850 and target price of 1.6660

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