FxWirePro: EUR/NZD neutral in the near-term, scope for downward resumption

• EUR/NZD declined sharply on Wednesday as surging commodity prices boosted New Zealand dollar across the board. 

• The pair 5DMA support at 1.7944 and is approaching 1.6671 (23.6% fib). A close below will opens up 1.6615 ( lower BB).

• Technically 21 day 30-day momentum remains negative and RSI  is trending  lower.

• Immediate resistance is located at 1.6732( 5DMA), any close above will push the pair towards 1.6807(38.2%fib).

• Strong support is seen at 1.6671 (23.6% fib) and break below could take the pair towards 1.6602 (lower BB).

Recommendation: Good to sell around 1.6900, with stop loss of 1.6800  and target price of 1.6620