FxWirePro: EUR/NZD faces strong horizontal resistance at 1.5850, good to sell on rallies
Major horizontal resistance – 1.5845-1.5850. EURNZD hits the high of 1.58406 at the time of writing and shown a huge decline from the high. It has declined till 1.57635 and is currently trading around 1.57910. The pair h…
EURNZD hits the high of 1.58406 at the time of writing and shown a huge decline from the high. It has declined till 1.57635 and is currently trading around 1.57910.
The pair has formed bearish divergence in the daily chart, a minor decline till 1.5500/1.5330 is likely.
EURNZD successful trading above 1.5850 will take the pair to next level till 1.5930/1.600 (round figure).
On the lower side, near term support is around 1.5700 and any break below will drag the pair till 1.5660 (23.6% retracement of 1.5095 and 1.58405)/1.5600/1.5550.
It is good to sell on rallies around 1.5800 with SL around 1.5850 for the TP of 1.5700/1.5650.
