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EUR/NZD Potential Downward Movement

EUR/NZD Long-Term Trend: Bearish

Key Resistance Levels: 1.68641, 1.69428, 1.70971.

Key Support Levels: 1.66706, 1.65388, 1.63430.

Daily Chart:

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.

1-Hour Chart:

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.

Signal Idea:

Sell Limit Order @ 1.68618

TP 1 @ 1.67581

TP 2 @ 1.66706

Stop Loss @ 1.68877

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

2 comments

  1. Great signal! Unfortunately I mist it by the broker’s spread! Set my Sell Limit Order to 1.68600 (like round numbers) and mist it by a few points!

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