FxWirePro:EUR/NZD drifts lower , could be on verge of a bigger drop

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FxWirePro:EUR/NZD drifts lower , could be on verge of a bigger drop

Monday, January 23, 2023 10:23 PM UTC

• EUR/NZD declined on Monday as easing recession fears and hopes of a less aggressive Federal Reserve buoyed risk sentiment.

• The euro dipped below 1.6800 against the kiwi dollar , the pair was last down at 0.07% at 1.6752 .

• Technical signals show the pair could lose more ground as RSI is at 47 bearish, and 9, 11,21 DMA’s are trending south.

• Immediate resistance is located at 1.6770(5DMA), any close above will push the pair towards 1.6895(50% fib).

• Immediate support is seen at 1.6733 (38.2% fib) and break below could take the pair towards 1.6670(Lower BB).

Recommendation: Good to sell round 1.6760, with stop loss of 1.6850 and target price of 1.6700

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