EURNZD facing bearish pressure, potential for further downside!

Price is facing bearish pressure as it holds under 1st resistance in line with 141.4% Fibonacci retracement. Price may bearish towards the 1st support at 1.68408 in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension. Our bearish bias is further supported by how stochastic is testing resistance where price dropped in the past. Otherwise price may continue to bullish towards Daily resistance at 1.73183.

Trading Recommendation

Entry: 1.72378

Reason for Entry:

141.4% Fibonacci retracement

Take Profit: 1.68408

Reason for Take Profit:

61.8% Fibonacci retracement and 78.6% Fibonacci extension

Stop Loss: 1.73183

Reason for Stop Loss:

Daily resistance