FxWirePro: EUR/NZD slide lower shifts pressure to the downside
• EUR/NZD declined on Friday as higher oil prices and improved risk sentiment following China’s rate cut boosted kiwi dollar.
• Oil prices gained slightly as the European Union's planned ban on Russian oil and China's easing of COVID19 lockdowns offset fears that slowing economic growth will hurt demand
• The pair picked up downside momentum and is approaching 1.6439 (21DMA). A close below will opens up 1.6300 level.
• Immediate resistance is located at 1.6492( 50%fib), any close above will push the pair towards 1.6600(Daily high).
• Strong support is seen at 1.6439 (21DMA) and break below could take the pair towards 1.6377 ( May 6th low).
Recommendation: Good to sell around 1.6440, with stop loss of 1.6650 and target price of 1.6350