Fxwirepro:eur/nzd extends drop, critical support lies ahead
Source: FxWire Pro - Technicals / 08 Jun 2020 10:47:57 America/New_York
• EUR/NZD declined on Monday as traders remained short as US NFP shocker propelled risk sentiment to new heights.
• EUR/NZD dips below 1.7300 but quickly recovers towards 1.7331.Enthusiasm for risk-taking is likely to override geopolitical fears for now.
• Any upside correction is likely to be temporary as barrier at 1.7612 (38.2 fib) is set to restrict lower move.
• Technicals leans bearish as RSI is at 33 bullish, and 5, 9,11 DMA’s are trending south.
• Immediate resistance is located at 1.7438 (5 DMA), any close above will push the pair towards 1.7621 (38.2 fib).
• Immediate support is seen at 1.7256 (23.6% fib) and break below could take the pair towards 1.7215 (Lower BB).
Recommendation: Good to sell around 1.7350, with stop loss of 1.7612 and target price of 1.7000© 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.