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, good to stay short on break below - EconoTimes)
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.
