Fxwirepro:eur/nzd extends drop, critical support lies ahead
Source: FxWire Pro - Technicals / 21 Jun 2020 09:23:42 America/New_York
• EUR/NZD declined on Wednesday as traders remained short on concerns of 2nd wave of coronavirus cases.
• The pair broke support at 1.7413 (9 DMA) and is approaching 1.7326 (300 DMA). A close below will open up 1.7215 (23.6% fib).
• Any upside correction is likely to be temporary as barrier at 1.7565 (38.2 fib) is set to restrict higher move.
• Technicals leans bearish as RSI is at 41 bearish, and 5, 9,11 DMA’s are trending south.
• Immediate resistance is located at 1.7413 (9 DMA), any close above will push the pair towards 1.7565 (38.2 fib).
• Immediate support is seen at 1.7326 (300 DMA) and break below could take the pair towards 1.7215 (23.6% fib).
Recommendation: Good to sell around 1.7400, with stop loss of 1.7560 and target price of 1.7300© 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.