EUR/NZD Potential Downward Movement

EUR/NZD Long-Term Trend: Bearish

Key Resistance Levels: 1.68020, 1.68909, 1.70358.

Key Support Levels: 1.65856, 1.65560, 1.65432.

Daily Time Frame:

The price on the higher time frame failed to break the strong resistance level around the 1.67981 NZD mark. which led to a reversal and a move to the downside that is represented by a huge bodied bearish bar. We expect further movement to the downside toward the next key support line.

EUR/NZD Medium-Term Trend: Bearish

1-Hr Time Frame:

On the lower time frame, the price succeeded to break the consolidation phase to the downside which shows that the sellers are in a clear control of the market. Also, we have noticed a long wick after the breakout and this is an additional confirmation that the sellers are overwhelming the buyers.

Sell Market Order @ 1.66794

TP 1 @ 1.65899

TP 2 @ 1.65560

Stop Loss @ 1.67211

Trade Safely 🙂