• Fxwirepro:eur/nzd extends drop, critical support lies ahead

    Source: FxWire Pro - Technicals / 02 Jun 2020 11:14:11   America/New_York

    • EUR/NZD declined on Tuesday as traders remained short on optimism on global economic recovery. 

    • EUR/NZD has seen a more impulsive move lower , the pair is likely to be drawn towards 1.7457 ( 200 DMA).

    • Any upside correction is likely to be temporary as barrier at 1.7869 (21 DMA) is set to restrict  higher move.

    • Technical signals show the pair could gain more ground as RSI is at 39 bearish, and 9, 11,21 DMA’s are trending south. 

    • Immediate resistance is located at 1.7786 (9 DMA), any close above will push the pair towards 1.7869 (21 DMA).

    • Immediate support is seen at 1.7575 (Lower BB) and break below could take the pair towards 1.7512 (23.6% fib).

    Recommendation: Good to sell round 1.7610, with stop loss of 1.7870 and target price of 1.7460
     

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