FxWirePro: EUR/NZD on track to test 200-W SMA at 1.6325, break below required for further weakness

EUR/NZD chart on Trading View used for analysis

• EUR/NZD trades marginally lower on the day at 1.6440 at 0640 GMT.
   
• The price is extending weakness for the 4th straight session, bias bearish.
   
• Price action was rejected at 55-EMA and is now below major moving averages and cloud.
   
• Technical indicators on weekly charts are biased lower, Stochs, RSI and MACD support downside.
   
• The pair on track to test 200-W SMA at 1.6325, break below required for further weakness.
   
• Violation at 200-W SMA could see dip till 61.8% Fib at 1.5831. 

Support levels - 1.6422 (Dec 12 low), 1.6329 (Dec 5 low)

Resistance levels - 1.6559 (5-DMA), 1.6665 (21-EMA), 1.6683 (100-W SMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-NZD-Trade-Idea-1497964) has hit TP1.

Recommendation: Book partial profits at lows. Hold for further weakness.

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