FxWirePro: EUR/NZD drops to one week low to threaten 38.2% fib,good to sell on rally

• EUR/NZD  declined on Monday  as jump in corona  virus cases in Europe put renewed pressure on the pair.

• EUR/NZD  hits daily low at 1.6802  in US session.Another dip is  likely. Only a move above resistance 1.6935(Higher BB) will shift bias higher.

• Chart is becoming more negative, falling daily RSI  and 5DMA imply   odds growing are  growing  for a bigger drop. 

• Immediate resistance is located at 1.6881( 50%fib), any close above will push the pair towards 1.6935 (Higher BB).

•Strong support is seen at 1.6749(Lower BB ) and break below could take the pair towards 1.6900 (Psychological level).

Recommendation: Good to sell   around 1.6800, with stop loss of 1.6880 and target price of 1.6720.