EurNzd could drop to 1.75 (500 pips)
After the top near 1.85 in August, EurNzd dropped almost 1000 pips.
In October the pair started to recover, but failed to reach the previous high, instead found a strong ceiling at 1.82.
Since then, EurNzd tried multiple times to pass above this ceiling and dropped back to 1.8 each time.
1.8 acts as a very important psychological level but also as an important technical horizontal support.
A break of this support seems imminent and in such an instance, EurNzd could accelerate its decline to 1.75.
I'm bearish this pair and I'm looking to sell rallies for a good risk:reward.
In October the pair started to recover, but failed to reach the previous high, instead found a strong ceiling at 1.82.
Since then, EurNzd tried multiple times to pass above this ceiling and dropped back to 1.8 each time.
1.8 acts as a very important psychological level but also as an important technical horizontal support.
A break of this support seems imminent and in such an instance, EurNzd could accelerate its decline to 1.75.
I'm bearish this pair and I'm looking to sell rallies for a good risk:reward.
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