FxWirePro: EUR/NZD trades rangebound, weakness likely on break below trendline support at 1.6825

• EUR/NZD is trading in a narrow range, hitting a day's high of 1.6886 and a low of 1.6815.
   
• Downward revisions of the Eurozone PMIs and weaker-than-expected German factory orders and retail sales print likely to keep the euro depressed.
   
• The pair finds strong support at 1.6825 which is major trendline support.
   
• Technical studies are biased lower and break below 1.6825 to see next major support at 200-DMA at 1.6632.
   
• RSI below 50 and biased south. Stochs also show bearish momentum.
   
• MACD shows bearish crossover on signal line and we see -ve DMI dominance and ADX supports trend lower.
   
• On the flipside, 100-DMA at 1.6951 is major resistance, we see bearish invalidation only on break above.

Support levels - 1.6825 (trendline), 1.68, 1.6632 (200-DMA)

Resistance levels - 1.6889 (5-DMA), 1.6951 (100-DMA), 1.70

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