FxWirePro: EUR/NZD holds 55-EMA support, 'Bearish Divergence' keeps scope for downside

EUR/NZD chart on Trading View used for analysis

• EUR/NZD rejected at session highs at 1.7597, intraday bias bearish.
   
• Technical analysis supports downside in the pair. Price action has slipped into daily cloud.
   
• Bearish 5-DMA crossover on 21-EMA seen. Stochs and RSI are sharply lower, RSI is below 50 mark.
   
• We evidence 'Bearish divergence' on RSI and Stochs which adds to the bearish bias. 
   
• On the data front we have low-impact figures which are unlikely to drive much action.
   
• Focus on headlines spilling over from the EU's EcoFin meeting, which continues today in Brussels. 
   
• The pair is holding support at 55-EMA, break below will see weakness till 38.2% Fib at 1.74.

Support levels - 1.7542 (55-EMA), 1.7472 (cloud base), 1.7409 (38.2% Fib)

Resistance levels - 1.7621 (5-DMA), 1.7656 (21-EMA), 1.7826 (Sept 11 high), 1.7928 (Oct 8 high)

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