FxWirePro: EUR/NZD near-term outlook

EUR/NZD chart on Trading View used for analysis

FxWirePro Currency Strength Index for EUR/NZD: Bias Bearish
FxWirePro's Hourly EUR Spot Index was at -111.396 (Bearish)
FxWirePro's Hourly NZD Spot Index was at 92.4738 (Bullish)

Technical Analysis: Bias Bearish
- Price has fallen below weekly cloud
- Momentum studies bearish, RSI and Stochs sharply lower
- MACD shows bearish crossover on signal line on weekly charts
- Price action holds support at 110W EMA, breach there to see further weakness

Support levels - 1.6659 (110W EMA), 1.6357 (weekly cloud base), 1.6183 (200W SMA)
Resistance levels - 1.6771 (5-DMA), 1.7154 (200-DMA), 1.73

Recommendation: Stay short on decisive break below 110W EMA, SL: 1.70, TP: 1.6360/ 1.6190

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