Fxwirepro :eur/nzd consolidates at above 1.7500 after early fall, good to sell on rallies
Source: FxWire Pro - Technicals / 07 Jun 2020 13:20:21 America/New_York
• EUR/NZD recovered some ground on Thursday as a another shot of stimulus by ECB boosted euro across the board.
• EUR/NZD climbs above 1.7500 and holds near the day's high in late US session. The pairs rebound has topped at 1.7593 (5 DMA).
• Selling pressure will remain in the short-term, only a move above 1.7922 ( 38.2 % fib) strong resistance will shift the trend upside.
• Technical signals lean bearish as RSI is at 38, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.7635 ( 5 DMA), any close above will push the pair towards 1.7691 (9 DMA).
• Strong support is seen at 1.7420 (23.6% fib) and break below could take the pair towards 1.7366 (Lower BB).
Recommendation: Good to sell on rally around 1.7600, with stop loss of 1.7750 and target price of 1.7400
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