EUR/NZD chart on Trading View used for analysis
- EUR/NZD trades 0.21% lower on the day at 1.6567 at 1100 GMT, bias lower.
- Data from the eurozone was mixed. Retail Sales in the region contracted at a monthly 1.6% during Dec, while Services PMI unexpectedly rose to 51.2 in Jan.
- EUR/NZD largely muted post data, focus now on New Zealand Q4 employment change data due this week for further impetus.
- Technical studies on the weekly charts are biased lower. Price has slippes below 110-W EMA at 1.6672.
- Next major bear target lies at 200-W SMA at 1.6301. Further weakness can see dip till 61.8% Fib at 1.5831.
- Immediate resistance is seen at 5-DMA at 1.6594. Break above 20-DMA could see test of 200-DMA. Breakout at 200-DMA will negate bearish bias.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
