EUR/NZD Long-Term Trend: Bearish
Key Resistance Levels: 1.68641, 1.69428, 1.70971.
Key Support Levels: 1.66706, 1.65388, 1.63430.
The price on the higher time frame is traded between a support and resistance which are respectively the 1.66706 & 1.70971 USD levels. The market found sellers around the higher end of this channel and moved to the downside where managed to break the daily supports. Recently, it succeeded to break a strong daily support (now resistance) around the 1.68641 USD mark wit the help of a bearish engulfing pattern.
On the lower time frame, the price broke the Wyckoff distribution phase to the downside and retrace to its lower end. This coincide with a 50 % Fibonacci retracement level which could lead to a further movement to the downside toward the target profit.
Sell Limit Order @ 1.68618
TP 1 @ 1.67581
TP 2 @ 1.66706
Stop Loss @ 1.68877
Trade Safely 🙂