FxWirePro:EUR/NZD heads deeper into bear territory, eyes 1.6900 level

• EUR/NZD  declined on Tuesday  as jump in corona  virus cases in Europe put renewed pressure on the pair.

• EUR/NZD  sinks near 1.6945 then sits near 1.7033 late in US session.Another dip is  likely. Only a move above resistance 1.7354 will shift bias higher.

• Technical signals are bearish as RSI is at 33, daily momentum studies  10,11 and 14 DMAs are trending down. 

• On the upside, Immediate resistance is located at 1.7161 ( 9 DMA), any close above will push the pair towards 1.7308 (20DMA).

• On the downside, support is seen at 1.7032(23.6%fib ) and break below could take the pair towards 1.6929(Lower BB ).

Recommendation: Good to sell   around 1.7050, with stop loss of 1.7300 and target price of 1.6900.