EURNZD - short term bearish bias
The pair has been inching down along the moving averages and the bearish trend line. The downtrend will remain in place as long as these levels keep the price in check. We may expect a test of the previous daily low of 1.0720 in continuation of the current trend. However, the RSI divergence is a heads-up that selling pressure has waned and we might see choppy action soon. Sellers will need to look out for any sign of reversal. 1.7200 will be a major resistance to monitor.
Key support: 1.0720
Key resistance: 1.7200
The pair has been inching down along the moving averages and the bearish trend line. The downtrend will remain in place as long as these levels keep the price in check. We may expect a test of the previous daily low of 1.0720 in continuation of the current trend. However, the RSI divergence is a heads-up that selling pressure has waned and we might see choppy action soon. Sellers will need to look out for any sign of reversal. 1.7200 will be a major resistance to monitor.
Key support: 1.0720
Key resistance: 1.7200