EUR/NZD has established a downtrend and clearly moving lower rejecting the downtrend trendline as well as 50 and 200 Moving Averages. Fibonacci, which was applied to the last corrective upward wave when moving average was rejected, shows that pair broke below 161.8% Fibs and now could be ready to move lower.
Consider selling EUR/NZD at the current rate (1.4955) targeting either 261.8% (1.4885) or 361.8% Fibs (1.4805). Suggested stop loss is above 50 Moving Average.
Support: 1.4885, 1.4805
Resistance: 1.4965, 1.5015
