EUR/NZD chart on Trading View used for analysis
- EUR/NZD is trading in a narrow range with session high at 1.6519 and low at 1.6486.
- Price action is consolidating Friday's slump, upside capped below 5-DMA.
- Technical studies support weakness in the pair. Scope for further downside.
- Next major support lies at 200-W SMA at 1.6333. Break below will accentuate weakness.
- Below 200-W SMA, next bear target lies at 61.8% Fib at 1.5831.
- On the flipside, 5-DMA is immediate resistance at 1.6547. Break above 55-EMA required for any meaningful gains.
Support levels - 1.6411 (Feb low), 1.6333 (200-W SMA), 1.6231 (50% Fib)
Resistance levels - 1.6547 (5-DMA), 1.6605 (20-DMA), 1.6727 (55-EMA)
Recommendation: Good to stay short on upticks, SL: 1.66, TP: 1.6410/ 1.6335/ 1.6235
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
