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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 🙂

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.

One comment

  1. Joe when you say Sell the market or Buy the market do click on the Sell or Buy? You will let us know to Sell Limit or a Buy Limit?

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