FxWirePro: EUR/NZD Near-Term Outlook

EUR/NZD chart on Trading View used for analysis

• EUR/NZD is extending weakness after rejection at 55-EMA, bias bearish.
   
• The pair is trading 0.29% lower on the day at 1.65 at 0925 GMT. 
   
• Price action is below cloud and major moving averages. 
   
• Minor recovery attempts capped at 5-DMA, scope for further downside.
   
• Pair eyes 200-W SMA at 1.6334. Violation there could see further weakness.
   
• Above 5-DMA we see next major resistance at 21-EMA at 1.6622. Breakout at 55-EMA and daily cloud negates bearish bias. 

Support levels - 1.64, 1.6334 (200-W SMA), 1.6231 (50% Fib)

Resistance levels - 1.6544 (5-DMA), 1.6623 (21-EMA), 1.6736 (55-EMA)

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