EUR/NZD finally broke below the strong support near 1.6580
with the H4 close below the 200 Moving Average. The pair rejected the downtrend
trend line and broke below the uptrend trend line.
The Fibonacci applied to the uptrend trend line’s breakout
shows the potential downside target at 0% Fibs – S2 (1.6370). Consider selling
EUR/NZD at the current rate (1.6540) targeting S2 (1.637). The stop loss should
be just above R1 (1.6580).
Support: 1.6500, 1.6370
Resistance: 1.6582, 1.6650, 1.6715
The material has been provided by InstaForex Company – www.instaforex.com
The post Technical analysis of EUR/NZD for May 23, 2016 appeared first on forex-analytics.press.