Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/NZD attracts selling interest, vulnerable to more downside

• EUR/NZD declined   on Friday as higher oil prices and disappointing German Ifo data weighed on the piar.

•German business morale fell more than expected in June. The Ifo Institute said its business climate index fell to 92.3 from 93.0 in May.

• Oil rose  more than 2%   on tight supply, although crude is headed for a second weekly decline amid fears that rising interest rates could push the global economy into recession.

• The pair  picked up  downside momentum and is approaching 1.6653(11DMA) ,A close below will open up 1.6600 level.

•   Immediate resistance is located at 1.6727(50%fib), any close above will push the pair towards 1.6806(Higher BB).

• Strong support is seen at 1.6653(11DMA) and break below could take the pair towards 1.6574 ( 61.8%fib).

Recommendation: Good to sell around 1.6700, with stop loss of 1.6800 and target price of 1.6620

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.