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EUR/NZD Potential Downward Movement

EUR/NZD Long-Term Trend: Bearish

Key Resistance Levels: 1.63247, 1.63483, 1.64000.

Key Support Levels: 1.63000, 1.62761, 1.62000.

1-Hr Chart:

The price on the higher time frame failed to break the resistance around the 1.63262 NZD mark where it reversed and moved lower and managed to break the bullish channel to the downside. we expect further movement to the downside in the coming hours toward the next key support level.

EUR/NZD Medium-Term Trend: Bearish

15-Mins Chart:

On the lower time frame, the price posted a double top which helped the market to reversed and then found sellers around the 61.80% fibonacci retracement level. A higher correction could be seen before a new move to the downside toward the target profit.

Signal Idea:

Sell Limit Order @ 1.62979

TP 1 @ 1.61818

TP 2 @ 1.61291

Stop Loss @ 1.63313

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

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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