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EUR/NZD Potential Downward Movement

EUR/NZD Long-Term Trend: Bearish

Key Resistance Levels: 1.6886, 1.6909, 1.6962

Key Support Levels: 1.6802, 1.6686, 1.6611

Daily Chart:

The price on the higher time frame posted an engulfing bearish pattern around the strong resistance (1.6962 USDT mark). This led to a move downward and violated the support where it managed to break it to the downside.

EUR/NZD Medium-Term Trend: Bearish

4-hour Chart:

On the 4-hour time frame, the pair succeeded to break the bullish channel to the downside. The price now it is traded below the strong resistance around the 1.6886 USD mark. A higher correction might be seen to the resistance before a move downward toward the target profit.

Signal Idea:

Sell Limit Order @ 1.6884

TP 1 @ 1.6804

TP 2 @ 1.6686

Stop Loss @ 1.6911

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.

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