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FX.co ★ EURNZD facing bearish pressure, potential for further downside!

EURNZD facing bearish pressure, potential for further downside!

EURNZD facing bearish pressure, potential for further downside!

Price is facing bearish pressure as it holds under the descending trendline resistance and MACD holds under the 0 line, in line with our bearish bias. We could potentially see a reversal at 1st resistance, in line with our 61.8% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline resistance, and further downside towards 1st support, in line with our 78.6% Fibonacci extension and horizontal swing low support.

Trading Recommendation

Entry: 1.67753

Reason for Entry:

61.8% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline resistance

Take Profit: 1.66682

Reason for Take Profit:

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78.6% Fibonacci extension and horizontal swing low support

Stop Loss: 1.68445

Reason for Stop Loss:

127.2% Fibonacci extension and horizontal swing high resistance

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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