FX.co ★ EUR/NZD offering good risk/reward

Following our previous technical analysis of EUR/NZD, I have mentioned that it might be too early to go short that time. Yesterday, we had a very strong pullback up that potentially is offering an excellent risk/reward sell trade for this pair.

Consider selling EUR/NZD at the current level (1.5266), targeting either S2 (1.4819) or S3 (1.4636), or even a double bottom near 1.3873. Only a break above R1 (1.5398) should result in continuation of the corrective move up.

Support: 1.5039, 1.4819, 1.4636, 1.4456

Resistance: 1.5398, 1.5679