Tickmill
Short

EURNZD approaching resistance, potential drop!

FX:EURNZD   Euro / New Zealand Dollar
EURNZD is approaching our first resistance at 1.6566 (horizontal pullback resistance, 100% Fibonacci extension , 50% Fibonacci retracement ) where a strong drop might occur below this level pushing price down to our major support at 1.6332 (horizontal swing low support).
Stochastic (34,5,3) is also approaching resistance we might see a corresponding drop in price should it react off this level.
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Losses can exceed the initial investment so please ensure you fully understand the risks

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This analysis is provided as general market commentary and does not constitute investment advice.
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