EUR/NZD medium-term outlook

FX:EURNZD   Euro / New Zealand Dollar
116 0 3
EUR/NZD extends downside, hits fresh one-year low of 1.5220, momentum heavily bearish , we see scope for test of 1.4128 levels.

The pair has broken below 200-SMA on the weekly charts, Technical indicators are heavily bearish .

Uncertainty in the euro             area post-Brexit and rising commodity prices (which are supportive for NZD) weigh negatively for the pair.

Bearish invalidation only above 50-DMA currently at 1.6182

Good to go short on rallies, SL: 1.6182, target: 1.5080/1.4787/1.4128
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