FX.co ★ EURNZD approaching descending trendline resistance! Drop Incoming!

Price is approaching 78.6% Fibonacci retracement and descending trendline resistance. A short term drop below our 1st resistance at 1.70255 towards 1st support at 1.69560 could be possible. Stochastic is testing resistance where price pulledback in the past.

Trading Recommendation

Entry: 1.70255

Reason for Entry:

78.6% Fibonacci retracement, descending trendline resistance

Take Profit: 1.69560

Reason for Take Profit:

-27.2% Fibonacci retracement, Graphical overlap support

Stop Loss: 1.70583

Reason for Stop Loss:

Graphical swing high resistance