FX.co ★ EURNZD is approaching resistance, potential reversal

Price is approaching our resistance, in line with our descending trend line, horizontal swing high resistance, 61.8% fibonacci retracement and 161.8% Fibonacci extension where we could see a reversal below this level to our first support target. Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.

Trading Recommendation

Entry: 1.68740

Reason for Entry:

descending trend line, horizontal swing high resistance, 61.8% fibonacci retracement and 161.8% Fibonacci extension

Take Profit: 1.68128

Reason for Take Profit:

horizontal swing low support

Stop Loss: 1.69094

Reason for Stop Loss:

horizontal overlap resistance, 61.8% fibonacci retracement