• 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

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