FxWirePro: EUR/NZD neutral in the near-term, scope for downward resumption
Source: FxWire Pro - Technicals / 19 May 2020 15:14:41 America/New_York
• EUR/NZD declined for the second day on Tuesday as traders continued to bet on shorts.
• The pair broke support at 1.7944 ( 23.6% fib)and is approaching 1.7753 (100 EMA). A close below will opens up 1.7600 level.
• Technically 21 day 30-day momentum remains negative and RSI has sharply turned lower.
• Immediate resistance is located at 1.7944 ( 23.6% fib), any close above will push the pair towards 1.7970 (30 DMA).
• Strong support is seen at 1.7753 (100 EMA) and break below could take the pair towards 1.7642 (lower BB).
Recommendation: Good to sell around 1.7900, with stop loss of 1.8200 and target price of 1.7760
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