EURNZD (D) - short term bearish bias
The euro is seeking to bounce off from the demand zone of 1.6600. While we see some buying interests to lift the price, there is still strong resistance in place. The pair met stiff selling pressure at the 30-day moving average. We would expect the euro to continue on its way lower. However, the RSI divergence is a sign that the sell-off has decelerated and the short side might need to consider taking profits around between 1.6500 and 1.6600.
Key support: 1.6550
Key resistance: 1.6850
The euro is seeking to bounce off from the demand zone of 1.6600. While we see some buying interests to lift the price, there is still strong resistance in place. The pair met stiff selling pressure at the 30-day moving average. We would expect the euro to continue on its way lower. However, the RSI divergence is a sign that the sell-off has decelerated and the short side might need to consider taking profits around between 1.6500 and 1.6600.
Key support: 1.6550
Key resistance: 1.6850