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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 🙂

About Vipul Rathaur

A trader with more than six years of experience, Vipul is a discretionary trader and uses multi time frame analysis for his analysis and price action for his trade signals. Believes that risk management is the secret to making it in this world. He trades major Forex pairs, Indices, and Commodities.

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