Will the weakness of the Eurozone pull EURNZD further down?
After yesterday's close, we successfully completed an evening star pattern at the monthly level of 1.6700 . We broke and closed below the support level and now completed the first extension leg of a Fibonacci pulled from the weekly to the monthly level. Rejection from the 61.8 which aligned with the SMA gathered enough bearish momentum to push us below 1.6700, currently testing 1.6600 . Awaiting a daily/weekly close below this monthly level because as we know, once breaking a monthly level there's a 75% chance we meet the next weekly support/resistance (basic Astro knowledge). From the 1.6600 I now expect a further continuation to extension D2 at 1.6480 or a retest of the monthly level as resistance.
Keeping the weakness of the Euro-zone in mind.
Keeping the weakness of the Euro-zone in mind.
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