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EUR/NZD Potential Downward Movement

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.

Signal Idea:

Sell Limit Order @ 1.65400

TP 1 @ 1.64874

TP 2 @ 1.63939

Stop Loss @ 1.65660

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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