EURNZD Reversed Off Resistance, Potential Drop!

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EURNZD has potential to reversed off from 1st resistance at 1.67908 in line with 38.2% Fibonacci retracement and 50% Fibonacci extension to 1st support at 1.64878 in line with 127.2% Fibonacci retracement and 50% Fibonacci extension. Our bearish bias is further supported by how RSI is showing a negative bearish divergence. Otherwise price may continue to bullish towards 2nd resistance at 1.69453 in line with 61.8% Fibonacci retracement and 76.4% Fibonacci extension.

Trading Recommendation

Entry: 1.67908

Reason for Entry:

38.2% Fibonacci retracement and 50% Fibonacci extension

Take Profit: 1.64878

Reason for Take Profit:

127.2% Fibonacci retracement and 50% Fibonacci extension

Stop Loss: 1.69453

Reason for Stop Loss:

61.8% Fibonacci retracement and 76.4% Fibonacci extension.

The material has been provided by InstaForex Company - www.instaforex.com

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