Euro / New Zealand DollarEducation
Is EURNZD ready for a short?
Watching EURNZD I still believe we got some more room to the downside since we’ve rejected from the 50 fib on the weekly TF at 1.7050 . Last week we closed as a bullish engulfing which could lead to bullish interest but we havent closed above any declining MA on the weekly yet, currently testing the EMA as resistance. On the daily TF we are now breaking out the downside of a hourly consolidation zone. Potentially closing as 3 pin bar pattern after today’s close. We’ve been in a bearish trend since 1 January after testing the key level support 1.7050 . From the daily declining trendline we are have rejected the 78.60 fib with last week’s close. If we now can push back below the monthly resistance of 1.6700 my bearish vision will be validated for me, targeting the next daily supports of 1.6600 and 1.6450 close to the next weekly support and first fib D extension. Long term take profit zone would be around 1.6455 - 1.6350 . If we take out last weeks highs we’ll have to come back to the charts, upside target could come around 1.6900 if we retest 1.6700 as support.
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