• FxWirePro: EUR/NZD pauses downtrend and consolidates, good to sell on rallies

    Source: FxWire Pro - Technicals / 26 May 2020 12:23:28   America/New_York

    • EUR/NZD declined for the second day on Tuesday as euro remained sluggish against NZ  dollar despite better than expected German IFO .

    • EUR failed to gain as upcoming EU vote on Franco-Germany recovery plan kept buyers cautions

    • The pair broke support at 1.7830 ( 5 DMA )and is testing 1.76679 (100 DMA). A close below will opens up 1.7458 level.

    • Technically 21 day 30-day momentum remains negative and RSI has sharply turned lower.

    •   Immediate resistance is located at 1.7830 ( 5 DMA), any close above will push the pair towards 1.7934 (38.2 % fib).

    • Strong support is seen at 1.7667 (100 DMA) and break below could take the pair towards 1.7458 (23.6% fib).

    Recommendation: Good to sell around 1.7700, with stop loss of 1.8200  and target price of 1.7550

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