EurNzd could drop to support
After the break above the horizontal resistance level from 1.7150, EurNzd has traded in a range between this zone and a high of around 1.75 for one month.
The pair couldn't continue its ascent and fell back down under support proving the up break as a false one.
After the recent low, a correction to the up side followed and the final of this correction is in the old resistance and is marked by two reversal candles, Friday's one being a pin bar.
I expect a new leg down from this pair and I'm looking to sell rallies.
The target can be set around 1.64 support and only a daily close above 1.7150 would negate this bearish scenario
The pair couldn't continue its ascent and fell back down under support proving the up break as a false one.
After the recent low, a correction to the up side followed and the final of this correction is in the old resistance and is marked by two reversal candles, Friday's one being a pin bar.
I expect a new leg down from this pair and I'm looking to sell rallies.
The target can be set around 1.64 support and only a daily close above 1.7150 would negate this bearish scenario
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