EUR/NZD Long-Term Trend: Bearish
Key Resistance Levels: 1.64847, 1.63939, 1.63253.
Key Support Levels: 1.66276, 1.66730, 1.67000.
1-Hr Time Frame:
The price on the higher time frame succeeded to break the bullish channel to the downside after posting a double top formation showing that the trend is exhausted and is about to reverse. We can see lower highs and lows which indicates that the trend might be a new impulsive wave to the downside.
EUR/NZD Medium-Term Trend: Bearish
5-Mins Time Frame:
On the lower time frame, the market broke the bearish flag formation to the downside after finding sellers around the 61.80% Fibonacci retracement level. a higher correction could be seen to ward the dotted area before a new bearish impulsive wave toward the target profits.
Sell Limit Order @ 1.65400
TP 1 @ 1.64874
TP 2 @ 1.63939
Stop Loss @ 1.65660
Trade Safely 🙂