FxWirePro: EUR/NZD advantage bears but major supports holds, downside risk remains

• EUR/NZD dipped on Thursday  as anxiousness regarding the economic risks from the euro zone's dependence on Russian gas continued to weigh on euro.

• The pair is currently approaching support at 38.2 % fib. Daily close below will increase further downside momentum.

• Technical signals are bearish as RSI is at 36, daily momentum studies  5, 9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.6438 ( 5DMA), any close above will push the pair towards 1.6517 (50 % fib).

• Support is seen at 1.6328 (38.2 % fib) and break below could take the pair towards 1.6224 (Ichimoku cloud base).

  Recommendation: Good to sell on rally around 1.6370, with stop loss of 1.6470 and target price of 1.6270.