Fxwirepro:eur/nzd capped by the 38.2% Fibonacci, good to sell on rallies
Source: FxWire Pro - Technicals / 24 May 2020 04:21:31 America/New_York
• EUR/NZD gained some ground on Friday as further straining of U.S.-China ties drove the cross pair higher.
• The pair hit daily high at 1.7936 and was last trading at 1.7894 at (GMT 17:51). .
• Technical favours bears, RSI is negative at 47 & pair trades below 11 & 21-DMAs.
•The pair has traded a 103 pip range thus far on Friday .Unless there is major news the pair downtrend is set to resume.
• Immediate resistance is located at 1.7948 ( 38.2%fib), any close above will push the pair towards 1.7966 (30 DMA).
• Immediate support is seen at 1.7763 (100 EMA ) and break below could take the pair towards 1.7652 (100 DMA).
Recommendation: Good to sell around 1.7930, with stop loss of 1.8000 and target price of 1.7700.© 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.