The EURNZD currency pair has significantly declined, breaking the support line of its bullish trend at 1.7970. This breakdown has led to a notable drop, with the price reaching as low as 1.7650.
Despite a current positive rebound, the bearish trend remains intact. Resistance is now seen at the 1.7800 level, and the pair is expected to continue reacting to stochastic negativity. The focus will likely shift towards the 38.2% Fibonacci retracement level at 1.7572, where the 55-day Moving Average (MA55) also provides additional support.
The anticipated trading range for today is between 1.7575 (support) and 1.7700 (resistance).
Trend Forecast: Bearish
Related topics: