FxWirePro: EUR/NZD slips below 110-W EMA, dip till 200-W SMA likely
EUR/NZD chart on Trading View used for analysis EUR/NZD trades 0.21% lower on the day at 1.6567 at 1100 GMT, bias lower. Data from the eurozone was mixed. Retail Sales in the region contracted at a monthly 1.6% during De…
EUR/NZD trades 0.21% lower on the day at 1.6567 at 1100 GMT, bias lower.
Data from the eurozone was mixed. Retail Sales in the region contracted at a monthly 1.6% during Dec, while Services PMI unexpectedly rose to 51.2 in Jan.
EUR/NZD largely muted post data, focus now on New Zealand Q4 employment change data due this week for further impetus.
Technical studies on the weekly charts are biased lower. Price has slippes below 110-W EMA at 1.6672.
Next major bear target lies at 200-W SMA at 1.6301. Further weakness can see dip till 61.8% Fib at 1.5831.
Immediate resistance is seen at 5-DMA at 1.6594. Break above 20-DMA could see test of 200-DMA. Breakout at 200-DMA will negate bearish bias.
