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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 🙂

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.

3 comments

  1. Hi , with your trades should we ever be moving sl to breakeven and taking partials or just let the trades do their thing and let them hit sl or tp? Just looking for some insight on how to mange my trades I take from yous!
    Thanks.

  2. Great service keep it going quality

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