g2-rockach
Short

EUR/NZD. In a range for last month. Support break on horizon?

FX:EURNZD   Euro / New Zealand Dollar
77 1 0
Support level at 1.5700 is holding up and has kept the pair in a range for a month. Overall the trend is downward. I will be keeping an eye, as I am favouring this support level will be broken fairly soon.

If there is a close below support on 4hr chart, I will look for price to retest and look for confirmation in way of bearish pin bar or bearish engulfing pattern. If this happens I will enter on price moving below the candle confirmation. If this does happen I see no reason why price can get to the 1.5400 area.
Alternatively price may challenge the high at 1.5900.
Helped along by interest rate cut!
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