FX.co ★ EURNZD facing bearish pressure, potential for further drop!

Price is facing bearish pressure as it continues to hold below the descending trendline and moving average resistances. We could potentially see a reversal at 1st resistance, in line with our 50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance, and a further drop towards our 1st support, in line with our -27.2% Fibonacci retracement and horizontal swing low support.

Trading Recommendation

Entry: 0.71371

Reason for Entry:

61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance

Take Profit: 0.70890

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing low support

Stop Loss: 0.71722

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing high resistance