FxWirePro: EUR/NZD finds strong support at daily cloud, break below to see further weakness

EUR/NZD chart - Trading View 

• EUR/NZD extends weakness for the 2nd straight session, trades 0.35% lower at 1.6739 at 0945 GMT.
   
• The pair finds strong support at daily cloud, break below required for further downside. 
   
• Technical indicators are turning bearish. RSI and Stochs are rolling over from overbought levels.
   
• Upside was rejected shy of 200-DMA and price action has slipped below 5-DMA.
   
• Break below daily cloud will see dip till 1.6678 (55-EMA) and then 1.6550 (cloud base).
   
• On the flipside, retrace above 5-DMA could see upside till 200-DMA. Decisive break above 200-DMA required for upside continuation.

Support levels - 1.6731 (cloud top), 1.6678 (55-EMA), 1.6612 (50-DMA), 1.6550 (cloud base)

Resistance levels - 1.6836 (5-DMA), 1.69, 1.6987 (200-DMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.