FxWirePro: EUR/NZD rangebound ahead of Eurozone CPI data, intraday bias bearish

EUR/NZD chart on Trading View used for analysis

• EUR/NZD is trading in a narrow range, hits session lows at 1.6561 and highs at 1.6580.
   
• The pair is trading with a bearish bias on the intraday charts, scope for weakness.
   
• Momentum with the bears and MACD supports downtrend.
   
• Price has broken below 110 EMA on the weekly charts and bears now eye 200-W SMA at 1.6288.
   
• Focus on upcoming Eurozone consumer price index (CPI) for January, due at 10:00 GMT.
   
• CPI print below estimates could put pressure on the ECB to make a dovish change in its forward guidance in March, thus denting EUR.

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