• 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

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