FxWirePro: EUR/NZD pauses decline, downside risk remains
Source: FxWire Pro - Technicals / 24 May 2020 04:21:26 America/New_York
• EUR/NZD declined on Thursday as grim Eurozone outlook weighed on euro.
• The pair traded as high as 1.7963 before easing to trade around 1.7963 in afternoon US session.
• Technical signals are bearish as RSI is at 47, daily momentum studies 11, 21 and 30 DMAs are trending down.
• Immediate resistance is located at 1.8003(5DMA ), any close above will push the pair towards 1.8179 (Higher BB).
• Strong support is seen at 1.7844 (Daily low) and break below could take the pair towards 1.7649 (Lower BB).
Recommendation: Good to sell on rallies around 1.7950, with stop loss of 1.8050 and target price of 1.7750.
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