Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro : EUR/NZD recovery facing a steep rock, likely to falter

• EUR/NZD initially dipped on Friday, but recovered some ground  as investors booked profit  after U.S. non-farm payrolls data.

• EUR/NZD hits daily low at 1.6649 but   recovered  to trade at 1.6709. The pair remains vulnerable, only a break and daily close above 1.9800 (38.2% fib)at 1.6795will shift bias to the upside.

• Technical lean bearish, RSI is trending down , momentum studies, 9, 10,11 DMAs are trending  southwards.

• Immediate resistance is located at 1.6725( 5DMA), any close above will push the pair towards 1.6742 (38.2%fib).

• Support is seen at 1.6625(Daily low) and break below could take the pair towards 1.6602 (23.6%fib).

Recommendation: Good to sell around 1.6700, with stop loss of 1.6800 and target price of 1.6620.
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.