We have explicitly stated the mounting sentiments in our previous article, ever since then, we’ve seen almost more than 150 pips of price dips. Rest is history.
For now, EURNZD has exposed a decisive breach below major (on weekly) and trend-line support (on daily terms), intraday bias lower.
Price action currently hovers well below DMAs and EMAs at 1.6685 (on daily and weekly respectively).
Yesterday, it has managed to be broken the storng support at 1.6732 levels. The violation below is extending the weakness of this pair.
On a broader perspective, amid traction, the major trend has been stuck in range (refer rectangular area on weekly chart).
Next major target lies at 1.6621 levels that is where next immediate strong supports are observed. Any violation there would foresee further downside tractions upto 1.6525 levels.
On the flipside, 1.6732 and 1.6792 (i.e.7DMA) levels are considered as the major resistance, we see invalidation only upon break-out above these levels in near terms.
Support levels - 1.6621, 1.6525 (Jan 11 low)
Resistance levels - 1.6732 and 1.6792 (7MA).
On intraday trading grounds one can one touch binary put options which likely to fetch exponential yields as underlying spot FX keeps dipping.
Currency Strength Index: FxWirePro's hourly EUR spot index is flashing at -73 levels (which is ), while hourly NZD spot index was at 18 (neutral) while articulating at 11:14 GMT .