FxWirePro: EUR/NZD pares losses after failing to break key support, bias is bearish
• EUR/NZD recovered some ground on Friday as the pair was aided by profit-taking on shorts after (23.6% fib) support holds.
• The pair is currently approaching resistance at 1.6803(38.2% fib). Resistance at 1.6803 is likely to cap further upside in the pair.
• Technical signals are bearish as RSI is at 49, daily momentum studies 9, 11 and 14 DMAs are trending down.
• Immediate resistance is located at 1.6803 ( 38.2%fb), any close above will push the pair towards 1.6847 (9DMA).
• Strong support is seen at 1.6665 (23.6%fib ) and break below could take the pair towards 1.6633 (Lower BB).
Recommendation: Good to sell around 1.6800, with stop loss of 1.6900 and target price of 1.6740.