EURNZD price action

The EURNZD price pattern has been trading within a range. We sent out an analysis the previous 2 days . At the time the pair had been resisting at price level 1.6809 (https://fxsits.com/eurnzd-price-action-to-continue-moving-bearish/) . Since then price has continued to trade bearish within the range. We see price within Resistance level 1.69809 and major support level 1.68435.

EURNZD H4 Chart 14 January 2020.
EURNZD H4 Chart 14 January 2020.

In the H4 and the daily time frame on the provided charts, we can see how price ranges between the specified levels. If we see price break past level 1.69809. Then level 1.70651 will be exposed. Thus and forming reversal price pattern. But if price continues it’s trend and break past level 1.68435 then we could see price reach new lower lows .

We still have a strong belief of a bearish continuation movement of the pair .Our analysts believe the EURNZD price pattern holds a long term bearish movement in a long run. Patience is currently the way forward as we wait for the signal on a pure direction of where price is moving .

EURNZD DAILY Chart 14 January 2020.
EURNZD DAILY Chart 14 January 2020.

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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