FxWirePro:EUR/NZD poised at critical support, looking vulnerable
• EUR/NZD declined on Wednesday as New Zealand dollar rose as investors wagered surging inflation will hasten rate hikes.
• EUR/NZD bulls must regain the above 1.6236 ( 38.2%fib)to stem the bearish tide and a rise above the 1.6302(50%fib) to regain momentum.
• A close below 1.6159 (23.6%fib ) would open the way for a run lower towards 1.6138 and 1.6100
• Technicals highlight downside risks,daily RSIs is falling, implying bearish momentum..
• Immediate resistance is located at 1.6236 ( 38.2%fib), any close above will push the pair towards 1.6302(50%fib)
• Strong support is at 1.6159 (23.6%fib ) and break below could take the pair towards 1.6138 (1st Sep 2017 low).
Recommendation: Good to sell around 1.6200, with stop loss of 1.6280 and target price of 1.6120.