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© 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.