FxWirePro: EUR/NZD neutral in the short term scope for downward resumption
• EUR/NZD recovered some ground from one- month low on Friday as the Russian invasion of Ukraine caused major mood swings in markets. • Investors are now looking to see what impact the war will have on the European Centr…
• EUR/NZD recovered some ground from one- month low on Friday as the Russian invasion of Ukraine caused major mood swings in markets.
• Investors are now looking to see what impact the war will have on the European Central Bank’s future policy decisions.
•The pair hit daily low at 1.6641 and was last trading at 1.6701.
• Technical the pair is still bearish as RSI is at 35 bearish, and moving averages are trending lower.
• Immediate resistance is located at 1.6751( 5DMA), any close above will push the pair towards 1.6777 (38.2% fib).
• Immediate support is seen at 1.6652 (23.6% fib) and break below could take the pair towards 1.6751 (Lower BB).
Recommendation: Good to sell around 1.6700, with stop loss of 1.6850 and target price of 1.6575
