EURNZD price action

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/

EURNZD H4 Chart 12 November
EURNZD H4 Chart 12 November

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 .

EURNZD Daily Chart 12 November
EURNZD Daily Chart 12 November

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets

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