- EUR/NZD is trading a 'Falling Wedge' pattern on the daily charts.
- The pair's minor correction from Wedge base at 1.4535 on Feb 7th has come to a close.
- Price action has again slipped below 20-DMA, we see scope for resumption of downside.
- Technical indicators are biased lower, we see scope for test of Wedge base at 1.45 level.
- Violation there finds next major support at 1.4128 (March 23, 2015 low)
Support levels - 1.4657 (Feb 16 low), 1.4535 (Feb 7 low), 1.4510 (Wedge base)
Resistance levels - 1.4729 (5-DMA), 1.4749 (20-DMA), 1.4861 (Feb 9 high)
TIME TREND INDEX OB/OS INDEX
1H Bullish Neutral
4H Neutral Neutral
1D Bearish Neutral
1W Bearish Neutral
Recommendation: Good to go short on rallies around 1.4710/20, SL: 1.4775, TP: 1.4660/ 1.4535/ 1.4500
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 15.2322(Neutral), while Hourly NZD Spot Index was at 70.7453 (Bullish) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.


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