:: Daily ::
EUR/NZD currency pair is in a strong downtrend .
The pair made a swing down to 1.7984 at 18 April then it retraced up to 1.8875 making lower high
recently on the Daily chart , the pair made a lower low at 1.7350 indicating the strength of the bears and solidity of the downtrend .
Now it's retracing to the upside , We are looking forward to SELL the pair at a strong area of resistance .
there's a strong area of resistance that extend from 1.8115 - 1.8285 which is :
1. Fibonatcci 50% , 61.8% of the smaller swing
2. 38.2% of the Larger swing
3. The downtrend line
short positions should have targets at 1.7860 , 1.7535 , 1.7357
SL should be placed above 1.8515
