FxWirePro: EUR/NZD hits fresh 3-week lows at 1.6622, eyes 50-DMA at 1.6588

• EUR/NZD has hit fresh 3-week lows at 1.6622, intraday bias lower.
   
• The pair is on track to close in the red for the 3rd successive week.
   
• Technical studies are bearish, RSI and Stochs are biased lower, we see a bearish 5-DMA crossover on 20-DMA.
   
• Weekly charts also show bearish picture. Stochs and RSI show rollover from overbought levels.
   
• We see scope for test of 50-DMA at 1.6588 and violation there could see further weakness.

Support levels - 1.6588 (50-DMA), 1.6458 (38.2% Fib retrace of 1.5233 to 1.7215 rally), 1.6353 (Oct 17 low)

Resistance levels - 1.6725 (5-DMA), 1.6747 (23.6% Fib retrace of 1.5233 to 1.7215 rally), 1.6793 (20-DMA)

Recommendation: Bias lower, stay short for 50-DMA. Watch out for break below for further downside.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -52.2495 (Neutral), while Hourly NZD Spot Index was at 83.1605 (Bullish) at 0630 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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