FxWirePro: EUR/NZD hits new 3-month lows at 1.6674, finds strong support at 200-DMA at 1.6661

• EUR/NZD extends weakness after break below trendline support, bias still bearish.
   
• Euro slumped across the board overnight as ECB minutes and poor data weighed.
   
• The ECB minutes showed members remain widely concerned over the risk of trade conflicts and the absence of sustainability in the inflation.
   
• Further EZ Industrial Production rose less than expected in February. Export Price Index rose 0.3% MoM in March and Import Price Index came in flat.
   
• German inflation data released earlier today were in lin with expectations.
   
• The pair is trading 0.17% lower on the day and finds strong support at 200-DMA at 1.6661.
   
• Technical studies are bearish, but we see resumption of weakness only on decisive break below 200-DMA.
   
• Scope then for test of 38.2% Fib at 1.6355. Failure at 200-DMA could see retrace upto 100-DMA at 1.6929.

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-NZD-Trade-Idea-1235790) has hit TP2.

Recommendation: Book partial profits at lows. Watch out for break below 200-DMA for further weakness.

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