FxWirePro: EUR/NZD capped at 21-EMA, focus on eurozone CPI data for further impetus

EUR/NZD chart - Trading View 

• EUR/NZD has failed to extend upside momentum, pauses 2 straight sessions of gains.
   
• Upside in the pair was capped at 21-EMA which is strong resistance at 1.6577.
   
• The pair is trading at 1.6521 at 0855 GMT, down 0.24% at the time of writing.
   
• Major trend in the pair is bearish. Price action is below cloud and major moving averages.
   
• Focus on eurozone inflation data for further impteus. A weak reading could dent the euro.
   
• Eurozone CPI is expected to remain unchanged at 1.5% y/y while likely confirming 1.0% Core CPI. However, the monthly figure of CPI might increase from -1.0% flash version to +0.3%.
   
• Immediate support is seen at 5-DMA at 1.6503. Break below will see weakness till 1.6405. 
   
• Breakout above 21-EMA could see grind higher. Next major resistance lies at 55-EMA at 1.6670.

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