FxWirePro: EUR/NZD finds strong support at 0.6357 (weekly cloud), good to stay short on break below

EUR/NZD chart on Trading View used for analysis

• EUR/NZD edges higher from fresh 1-year lows at 1.6388, trades 0.04% higher on the day at 1.6450.
   
• The pair finds major support at 0.6357 (weekly cloud), break below to see further downside.
   
• Price has been on a downtrend since Oct and momentum is still with the bears.
   
• Break below weekly cloud eyes 200W SMA at 1.6202. Violation there will see test of 61.8% Fib at 1.5831.
   
• 5-DMA is immediate resistance at 1.6533. Break above eyes 21-EMA at 1.6749. Bearish invalidation only above 200-DMA.

Support levels - 1.6202 (200W SMA), 1.5831 (61.8% Fib)

Resistance levels - 1.6533 (5-DMA), 1.6749 (21-EMA)

Recommendation: Watchout for break below weekly cloud to go short.

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