EUR/NZD is ready to fall

EUR/NZD is ready to fall

Trade idea

SELL 1.6735; TP 1.6660; TP2 1.6625; SL 1.6755

EUR/NZD is trading with great volatility forming some interesting patterns. The pair’s continuing the overall downtrend since October as it breached down the wedge earlier this month. It turned lower after failing to overcome resistance at 1.6390. On D1, it’s supported by the 50-day MA at 1.6740. The next important support is provided by the 100-week MA at 1.6625.

EURNZDDaily.png

There are more patterns on H4 (Head and Shoulders and another Wedge). MAs have the bearish bias. EUR/NZD is below 50% Fibo at 1.6763. Next Fibo is at 1.6660. Resistance is at 1.6825. The outlook will stay negative as long as the pair’s trading below this point.  

EURNZDH4.png

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