Last week we spoke about the EURNZD price action. In that post we discussed how the currency pair still had bearish potential. We saw the pair trade bearish but still a within the range. Resistance level 1.69850 and the Support level 1.69234 as well as support level 1.66371 .We have seen price range within these level since last week. Here the link of last week analysis for a full understanding of where price is from. https://fxsits.com/the-eurnzd-price-action-follow-up/
In the chart price is trading above the support level 1.68228 moving bullish and breaking past the resistance level 1.69850. If price moves past this level .This may expose level 1.73526 and possibly form a new trend reversal bullishly. However, if price finds resistance at level 1.69050 and retraces back to the support level 1.68228 . And manages to break bearish. This will then leave major support level 1.66371 exposed. The pair could resume its bearish trend. We just have to be patient and see how the market performs in the future market sessions .
Attached are both H4 and daily charts to accommodate and help you understand our analysis. We at FXSITS believe a strong bearish movement is imminent for the pair .But it still needs to perform its retracement and to find resistance and support before finally breaking. We shall keep updating you time to time with the how the price action of the pair performs.
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