• FxWirePro: EUR/NZD pauses decline, downside risk remains

    Source: FxWire Pro - Technicals / 16 Jun 2020 14:01:20   America/New_York

    • EUR/NZD declined on Tuesday as pair failed to breach a key resistance at 1.7570 ( 38.2% fib).

    • The pair traded as high as 1.7570 before easing to  trade around 1.6677 in late US session.

    • Technicals favours bears, RSI is negative at 42 & pair trades below 14 & 21-DMAs.

    • Immediate resistance is located at 1.7570 ( 38.2% fib), any close above will push the pair towards 1.7629 (21 DMA)

    • Immediate support is seen at 1.7321 (300 DMA ) and break below could take the pair towards 1.7204 (23.6% fib).

     Recommendation: Good to sell  around 1.7460, with stop loss of 1.7630 and target price of 1.7300.

     

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