EUR/NZD has turned down
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Trade idea
SELL 1.6980; TP 1.6920; SL 1.7000
EUR/NZD made a top in June and went down going through the 50-day MA (1.7035) and the support line from March lows. As a result, these levels have turned into resistance and will limit the ability of the euro to recover.
If we look at W1, we’ll see that it’s currently testing the level of 1.6985 (50-week MA). This level may provide some support but the decline below it will open the way down to June low and 38.2% Fibo of the March-June advance at 1.6915. The 200-day MA and 100-week MA are also located in this area, so this support will be significant.
