- EUR/NZD recovery lacks traction, we see scope for further downside.
- The pair has paused 2 consecutive sessions of losses and is currently trading 0.34% higher on the day.
- Technical studies are biased lower and we see next major support on the downside at 200-DMA at 1.6626.
- RSI below 50 and biased south. Stochs also show bearish momentum.
- MACD shows bearish crossover on signal line and we see -ve DMI dominance and ADX supports trend lower.
- On the flipside, 100-DMA at 1.6954 is major resistance, we see bearish invalidation only on break above.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-NZD-Trade-Idea-1235790) has hit TP1.
Recommendation: Bias lower, stay short for further weakness.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -16.1275 (Neutral), while Hourly NZD Spot Index was at -5.79408 (Neutral) at 1030 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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