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EUR/NZD Potential Downward Movement

EUR/NZD Long-Term Trend: Bearish

Key Resistance Levels: 1.66911, 1.67962, 1.68000.

Key Support Levels: 1.65356, 1.63413, 1.63000.

Daily Chart:

The price on the higher time frame succeeded to break the daily support around the 1.66911 NZD mark with a huge bearish bar showing that the sellers are in a clear control of the market. The pair retraced to the new resistance and continued its move to the downside toward the next key support.

EUR/NZD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the price posted a double top formation where the price closed below the highlighted zone. A higher correction could be seen to this area before a new impulsive wave to the downside toward the target profit.

Signal Idea:

Sell Limit Order @ 1.65876

TP 1 @ 1.65367

TP 2 @ 1.63413

Stop Loss @ 1.66129

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.

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