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
