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FxWirePro: EUR/NZD hovers around 50-DMA, break below to target 61.8% Fib at 1.6662

EUR/NZD chart on Trading View used for analysis

  • EUR/NZD hovers around 50-DMA at 1.6752, intraday bias bearish.
     
  • The pair is trading 0.35% lower on the day, momentum with the bears.
     
  • RSI below 50, bias lower. MACD shows bearish crossover on signal line.
     
  • Decisive break below 50-DMA likely to see test of 61.8% Fib at 1.6662.
     
  • On the flipside, 5-DMA at 1.6861 is immediate resistance. Break above to see minor upside.
     
  • Bearish invalidation only on breakout above 200-DMA.

Support levels - 1.6752 (50-DMA), 1.6662 (61.8% Fib), 1.6643 (Lower BB)

Resistance levels - 1.6860 (5-DMA), 1.70 (23.6% Fib), 1.7110 (200-DMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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