EUR/NZD: trade idea
- EUR/NZD approaches sell target 1.4800
- Next sell target - 1.4600
EUR/NZD has been falling strongly in the last few trading sessions – in accordance with our earlier forecast for this currency pair. EUR/NZD previously broke the support level 1.5200 – after which it corrected up to test this price level (acting as resistance after it was broken). The resistance zone near 1.5200 was strengthened by the 38.2% Fibonacci Correction of the previous sharp downward impulse from the start of February. The pair reversed down from this resistance zone with the daily Japanese candlesticks reversal pattern Bearish Engulfing - signaling the acceleration of the active minor impulse wave 3.
EUR/NZD is currently approaching the sell target 1.4800 which was set previously for this pair. If it breaks 1.4800, the price can then fall to the next sell target 1.4600.