FX.co ★ EURNZD approaching 1st resistance, potential for a reversal!

Price is approaching our 1st resistance, which is in line with our 61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing high resistance. We could potentially see a reversal at this level, and a further drop towards the 1st support, which is in line with our 78.6% Fibonacci extension and horizontal swing low support. It is worth noting that price continues to hold below the descending trendline resistance and Ichimoku cloud, showing bearish pressure in line with our analysis.

Trading Recommendation

Entry: 1.66304

Reason for Entry:

61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing high resistance

Take Profit: 1.65668

Reason for Take Profit:

78.6% Fibonacci extension and horizontal swing low support

Stop Loss: 1.66736

Reason for Stop Loss:

127.2% Fibonacci extension and horizontal swing high resistance