EUR/NZD Potential Downward Movement

EUR/NZD Long-Term Trend: Bearish

Key Resistance Levels: 1.66910, 1.68022, 1.69428.

Key Support Levels: 1.65439, 1.63405, 1.63000.

Daily Chart:

The price on the higher time frame succeeded to break the strong support around the 1.66910 NZD level to the downside. A huge bearish daily candlestick has been posted showing that the sellers are in control of the market and this could lead to a further movement to the downside.

EUR/NZD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the price is traded inside a bearish channel where a higher correction has been posted to the area of confluence made by the 61.80% Fibonacci retracement and the bespoke resistance. We expect a higher correction again to this zone before a new impulsive wave to the target profit.

Signal Idea:

Sell Limit Order @ 1.66386

TP 1 @ 1.65480

TP 2 @ 1.63405

Stop Loss @ 1.66628

Trade Safely 🙂