EURNZD reached a strong daily resistance last week. the price formed a bearish engulfing candle on a daily, confirming the strength of the horizontal level.
zooming in last week's price action we see that on 4H the price broke below a rising parallel channel. now the price retest that.
to catch a short rally from the broken boundary, I am looking at a double top formation on 1h. 1.7838 is its horizontal minor support, for now, it holds the market. I want to see its bearish violation first (1H candle close below), only then I will initiate short.
target levels: 1.778 1.775
stop will be above the tops.
in case of a bullish continuation above current tops, setup will be invalid.