FX.co ★ EURNZD approaching 1st support, potential for a bounce!

Price is reacting below first resistance at 1.70577 which is in line with 61.8% Fibonacci retracement and 38.2% Fibonacci extension. It could potentially bullish from first support at 1.67452 in line with 78.6% Fibonacci retracement and 100% Fibonacci extension to first resistance. Our bearish view is further supported by how stochastic is reacting above the support where price increased in the past. Otherwise price may continue to bearish to second support at 1.6642 in line with Horizontal Swing Low and 127.2% Fibonacci extension.

Trading Recommendation

Entry: 1.67452

Reason for Entry: 78.6% Fibonacci retracement and 100% Fibonacci extension

Take Profit: 1.70577

Reason for Take Profit: 61.8% Fibonacci retracement and 38.2% Fibonacci extension

Stop Loss: 1.6642

Reason for Stop Loss: Horizontal Swing Low and 127.2% Fibonacci extension.