After consolidation EUR/NZD is now trading below both 50- and
200-Moving Averages suggesting that it might be finally ready to continue going
lower.
The pair broke below the uptrend trendline and rejected the
downtrend trendline. Fibonacci applied the corrective wave after breaking the
support at 1.5170 shows that the nearest downside target is at 1.4960 area.
Consider selling EUR/NZD on small corrective waves up near
1.5080, targeting 161.8% Fibs (1.4960) Suggested stop loss is 1.5130.
Support: 1.5050, 1.4960
Resistance: 1.5140
The material has been provided by InstaForex Company – www.instaforex.com
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