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Short

EUR/NZD hits fresh 7-week lows, bias lower

FX:EURNZD   Euro / New Zealand Dollar
261 0 16
EUR/NZD has broken major trendline supports at 1.5285 and 1.52 levels, hits fresh 7-week lows.

Momentum studies are heavily bearish , RSI is below 30 levels and Stochs are biased lower.

The pair is trading below the 1.52 handle, scope for further downside.

Major support levels - 1.5127 (July 13 low), 1.5123 (July 12 low), 0.5119 (July 11 low).

Major resistance levels - 1.5262 (session high), 1.5292 (5-DMA), 1.53, 1.5358 (10-DMA).

Good to sell rallies, SL: 1.5265, TP: 1.5120/ 1.51/ 1.5045
Comment: EUR/NZD below 1.51 handle.

Bias lower.
Comment: All targets hit. Risk averse can book full profits

EUR/NZD edges higher from session lows at 1.5041.

Momentum studies bearish. Violation at 1.5040 will see test of 1.4935 levels.
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