EUR/NZD has stumbled

EUR/NZD has stumbled

2019-11-11 • Updated

Trade idea

SELL 1.7350; TP1 1.7250; TP2 1.7180; SL 1.7390

On the W1, EUR/NZD formed a candlestick with a long upper wick - a sign that sellers are strong in the 1.76 area. This zone has prevented the pair from going higher since the beginning of August. On The D1, the price formed a couple of inside bars and then broke lower: currently it’s testing levels below the 50-day MA which has provided support for almost three months. The formation of the top may bring the euro to the lower part of its August-October range between 1.7250 (38.2% Fibo of the July-October advance) and 1.7180 (100-day MA).

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