FxWirePro: EUR/NZD extends weakness for the 3rd straight session, bias bearish

EUR/NZD chart - Trading View 

• EUR/NZD is extending weakness for the 3rd straight session, trades 0.02% lower on the day at 1.6508 at 0810 GMT.
   
• The pair has been rejected at 55-EMA and has slipped below 21-EMA.
   
• Price action is below cloud and major moving avergaes, bias bearish.
   
• The pair is on track to test major trenline support at 1.6430. Break below to see further downside.
   
• Data released earlier today showed German industrial production in January dropped by 0.8% month-on-month, missing forecasts for a 0.5% rise.
   
• Further German exports remained unchanged. Poor data added to the signs pointing to slowdown in Europe's largest economy.
   
• Major trend in the pair is bearish as indicated by the GMMA (Guppy's Multiple Moving Avergaes) indicator. 
   
• Scope for test of 200W SMA at 1.6348. Bearish invalidation only above 55-EMA.

Support levels - 1.6430 (trendline), 1.6411 (Feb low), 1.6348 (200-W SMA), 1.6231 (50% Fib)

Resistance levels - 1.6586 (nearly converged 20 and 5-DMA), 1.66, 1.6696 (55-EMA)

Recommendation: Good to go short on upticks around 1.6520, SL: 1.66, TP: 1.6430/ 1.6350

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.