FxWirePro: EUR/NZD scope further drop after rejection at 23.6%fib
• EUR/NZD initially rose on Friday but gave up most of the ground as downbeat German industrial good orders data and concern on Europe's slow vaccine roll-out weighed on euro. •Much of the concern for euro lies with the …
• EUR/NZD initially rose on Friday but gave up most of the ground as downbeat German industrial good orders data and concern on Europe's slow vaccine roll-out weighed on euro.
•Much of the concern for euro lies with the EU vaccination programme struggling with slow rollouts and shortages of vaccine.
• At GMT 17:59, the pair was trading up 0.09 percent at 1.6726 after reaching daily high at 1.6787.
• Sustained break of 1.6646 would open the door 1.6600 (Psychological level). Close above 1.6858 (21DMA) is needed to undermine downside bias.
• Immediate resistance is located at 1.6784( 23.6%fib), any close above will push the pair towards 1.6900 (38.2% fib).
• Strong support is seen at 1.6646 (Lower BB) and break below could take the pair towards 1.6600 (Psychological level).
Recommendation: Good to sell around 1.6720, with stop loss of 1.6800 and target price of 1.6650
