FX.co ★ Technical analysis of EUR/NZD for May 23, 2016

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