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.© FxWire Pro 2020. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.