For sometime now we’ve seen the EURNZD price action find support at level1.68435. The pair has been moving bearish for the past 5 months. With price breaking past its it lower highs and lower lows .The following link is our previous post in this pair and can be used as reference https://fxsits.com/the-eurnzd-signals-for-bullish-reversal/.
We have seen price retrace from its major support level 1.68435 and it now trades at 1.69451 by the time of this writing .On the higher time you frame you may notice that the pair is a bearish trend. In the H4 and daily time frame, we see price trading above the major support level. We see how price has been resisted at level 1.69809 giving us an impression of a weak bullish price action. Our analysts believe price could turn back to its bearish trend movement in the upcoming market sessions.
We have also seen how price bounce back from the bearish trend line failing to break it. Thus signaling a bearish price action continuation movement. If price does break resistance level 1.69809 and manages to hold. Then our next target level will target will be 1.71669 below the major Resistance level. But if we see price continue its bearish price movement. Then price may continue to move bearish and break pass its major support level at 1.68435 continue moving bearish .
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