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FxWirePro:EUR/NZD drops to intra-day low after shying away from 1.6930

 
• EUR/NZD declined on Friday as traders remained short as investors grappled with a surge in coronavirus cases in Eurozone. 

• Selling pressure will remain in the short-term, close above 1.6967 (23.6%fib) is needed to undermine downside bias.

• Recent drop has put EUR/NZD back below 38.2%fib and has put the 1.6813 (50%fib)  at back in play

• Immediate resistance is located at 1.6929(Higher BB), any close above will push the pair towards 1.6967 (23.6%fib).

• Immediate support is seen at 1.6813 (50%fib) and break below could take the pair towards 1.6777 (Ichimoku cloud base).

Recommendation: Good to sell round 1.6870, with stop loss of 1.6970 and target price of 1.6800


 

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