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FxWirePro:EUR/NZD extends drop, critical support lies ahead

Friday, November 3, 2023 9:51 PM UTC

• EUR/NZD declined on Friday as selling in the pair was encouraged by soft US jobs data.

• US jobs rose 150,000 in October less than expected ,reinforcing expectations the Federal Reserve is likely to hold interest rates steady again at its December meeting.

• A close below 23.6% fib support level will add to further bearish structure opening the way towards 1.7800 level

• Technical signals show the pair could lose more ground as RSI is at 43 bearish, and 9, 11,21 DMA’s are trending south.

• Immediate resistance is located at 1.7970 (38.2%fib), any close above will push the pair towards 1.8039 (50%fib).

• Immediate support is seen at 1.7997 (23.6% fib) and break below could take the pair towards 1.7813 (Sep 22nd low).

Recommendation: Good to sell round 1.7900, with stop loss of 1.7980 and target price of 1.7820

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FxWirePro:EUR/NZD extends drop, critical support lies ahead

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