EUR/NZD Potential Downward Movement

EUR/NZD Long-Term Trend: Bearish

Key Resistance Levels: 1.6658, 1.6710, 1.6808

Key Support Levels: 1.6533, 1.6452, 1.6388

Daily Chart:

The price on the higher time frame has been in a downtrend for some time and recently it consolidated for some time and faced resistance at the 1.6833 level. The pair has now broken the lower trendline which indicates a bearish bias.

EUR/NZD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. The price broke a major support level of 1.6710 with good momentum after facing rejection from the upside. The pair has now broken and retested the 1.6658 level before continuing the momentum. 

Signal Idea:

Sell Limit Order @ 1.6606

TP 1 @ 1.6540

TP 2 @ 1.6407

Stop Loss @ 1.6672

Trade Safely 🙂