FxWirePro: EUR/NZD stuck in range but maintains bearish bias
• EUR/NZD edged higher on Wednesday as investors monitored progress on the next U.S. fiscal stimulus.
•Investors will scrutinize speeches from U.S. Federal Reserve officials in coming days for messaging on trends in yields.
• EUR/NZD initially dipped but rebounded after finding support at 1.6543, rally lifts the pair towards 1.6636. A break and daily close below 1.6543 will accelerate further downside.
• Technical signals are bearish as RSI is at 45, daily momentum studies 5, and 9 DMAs are trending down.
• Immediate resistance is located at 1.6697 (38.2%fib), any close above will push the pair towards 1.6724 (30DMA).
• Strong support is seen at 1.6543 (23.6%fib) and break below could take the pair towards 1.6434(Lower BB ).
Recommendation: Good to sell around 1.6650 , with stop loss of 1.6750 and target price of 1.6600