EURNZD is facing bearish pressure, potential for more downside.

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EURNZD is holding below descending trendline resistance and may bearish from 1st resistance at 1.67070 in line with 23.6% Fibonacci retracement and 23.6% Fibonacci extension towards 1st support at 1.65540 in line Horizontal swing low and 78.6% Fibonacci extension. Our bearish view is further supported by how MACD is holding below the 0 line. Otherwise price may bullish towards 2nd resistance at 1.67631 in line with 50% Fibonacci retracement and 38.2% Fibonacci extension.

Trading Recommendation

Entry: 1.67070

Reason for Entry:

23.6% Fibonacci retracement and 23.6% Fibonacci extension

Take Profit: 1.65540

Reason for Take Profit:

Horizontal swing low and 78.6% Fibonacci extension

Stop Loss: 1.67631

Reason for Stop Loss:

50% Fibonacci retracement and 38.2% Fibonacci extension

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

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