FxWirePro: NZD/USD erases early gains, break below trendline support (0.7130) to drag the pair lower
FxWirePro:EUR/NZD set for bigger drop, but close below key fibo is needed
• EUR/NZD initially gained on Thursday after upbeat Eurozone data but gave up ground as increased risk appetite in the market supported New Zealand dollar.
• EUR/NZD recovery from 1.6609 was rejected earlier in European session at 38.2%fib . EUR/NZD is in danger of crashing under major fibo support.
• Technical signals favours bearish sentiment, RSI is at 44 and pair trades below 9,11 & 14-DMAs.
• Resistance is located at 1.6722 (50DMA) and at 1.6749 (38.2%fib).
• Strong support is found at 1.6595(23.6%fib) and at 1.6554 (Lower BB).
Recommendation: Good to sell around 1.6700, with stop loss of 1.6800 and target price of 1.6640