Fxwirepro:eur/nzd cracks key support, vulnerable to more downside
Source: FxWire Pro - Technicals / 20 May 2020 15:32:47 America/New_York
• EUR/NZD declined to as low as 1.7849 on Wednesday after breaking the 1.7944 ( 38.2% fib)on the daily chart.
• EUR/NZD traded to 1.8007 earlier in Asian session. It has eased from the highs and is currently around 1.7867 at GMT 18:00.
• Cross pairs bias remains bearish. A break below 1.7753 (100 EMA) support might spur fresh downward momentum.
• Technical signals show the pair could lose more ground as RSI is bearish at 45 , and 5, 9,11 DMA’s are trending downwards.
• Immediate resistance is located at 1.7943 (38.2 fib), any close above will push the pair towards 1.8018 (5 DMA).
• Immediate support is seen at 1.7849 (Daily low) and break below could take the pair towards 1.7753 (100 EMA).
Recommendation: Good to sell around 1.7880, with stop loss of 1.8050 and target price of 1.7780
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