EURNZD price action

We last analysed EURNZD pair last week .Since then not much  has happened with the pair. The EURNZD consolidates within important levels .Failing to break major resistance and support level. Here is the previous analysis as reference. https://fxsits.com/the-eurnzd-price-pattern-signals-bearish-continuatio/ .

EURNZD Daily chart 27 November 2021
EURNZD Daily chart 27 November 2021

If you take a look at the chart. You will notice that price has been trading within resistance level 1.70752 and support level 1.67790 for the past weeks.The pair has been on a strong bearish trend since last year. However by the time of this post. We see price trade just above the level 1.67790 . If price continues to move bullish above level 1.67790. Then we could see price move toward the resistance level 1.70752.

It is at this level where we think price might be resisted. Thus, if price retraces and continues to move bearish.Continuing its trend ,then possibilities are that the support level may be broken. A new lower low level will be formed therefore continuing it bearish long term trend in the up coming market sessions.

EURNZD H4 chart 27 November 2021
EURNZD H4 chart 27 November 2021

Looking at both the H4 and daily time frame we can see that the long term bearish trend is still intact. Currently the EURNZD consolidates at the moment. We at fxsits still hold a strong  bearish belief for price.

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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